The UK retail sales grew at a slower pace in March, according to the Distributive Trades Survey from the Confederation of British Industry, released Thursday.
The retail sales balance fell to 9 percent in March from 14 percent in February. However, a net 39 percent expects sales to rise in the year to April.
A net 23 percent said retail sales were seen as poor for the time of the year in March compared to +16 percent in February.
The internet sales volumes in the year to March fell at the sharpest rate since the question was first asked in August 2009. The corresponding balance plunged to -46 percent.
“Retailers had a mediocre March, with sales reported as being below seasonal norms,” Martin Sartorius, Principal Economist at the CBI, said. The cost-of-living crisis is looming large across the sector, as households’ wallets are being hit by the fastest rate of inflation in decades.