LONDON (dpa-AFX) - UK retailers returned to the high streets in February, the quarterly Distributive Trades Survey from the Confederation of British Industry showed on Thursday.
Retail sales volumes were above seasonal norms in February with the balance rising to +16 percent from -23 percent in January. For March, the balance is seen at -1 percent.
Selling prices continued to grow at a rapid pace in the year to February. A net 75 percent of retailers expect selling prices to rise compared to +77 percent in the year to November.
A net 11 percent said internet sales declined in the year to February compared to -2 percent in January. This was only the second time in survey history that internet sales had fallen. Sales are expected to be broadly flat next month.
Employment growth eased in the year to February. The balance dropped to 8 percent from 19 percent in November.
Martin Sartorius, Principal Economist at the CBI, said, the easing of COVID-19 restrictions - including the end of work-from-home guidance - has, unsurprisingly, encouraged shoppers to return to the high streets.
There are other challenges facing retailers, however. 'Conflict in Ukraine means energy prices and transport costs will rise further, adding more pressure on retailers' operating costs and biting into households' spending power,' Sartorius added.
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