UK Nov Retail Sales Growth Strongest In Over A Year: CBI

(RTTNews) - British retail sales grew at the fastest pace in more than a year during November and the momentum is set to continue next month, mainly due to robust clothing sales boosted by cold weather, results of a survey by the Confederation of British Industry showed Friday.

The survey of 126 firms showed that 42 percent of retailers reported sales growth in November on a year ago, while 16 percent said they were down, giving a balance of +26, the strongest survey balance since September 2015. Economists had forecast a balance of +11.

The outcome was also was marginally above +21 forecast in the previous survey and better than October's balance of +21.

The survey also showed that 39 percent of respondents expect sales volumes to increase next month, with 16 percent expecting a decrease, giving a balance of +23.

"It's great to see retailers reporting such a buoyant month for sales. With the later onset of cold weather, shoppers stocking up their winter wardrobe has helped to boost high street sales," CBI Chief Economist Rain Newton-Smith said.

"While we expect to see decent growth in the near term, retailers are keeping a close eye on price rises coming down the track and the impact on consumer spending."