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26th February 2008
Retail sales slow in February
Sales among retailers slowed this month, new research has revealed.
According to the Confederation of British Industry (CBI) Distributive Trades Survey, 34 per cent of retailers saw a rise in sales, while 36 per cent of respondents suffered a dip.
The survey also showed that prices of goods continued to increase , culminating in the fastest rise for more then ten years.
Some 55 per cent of respondents said that their prices had increased year-on-year, while just six per cent claimed that their sales prices were down. The increase has been attributed to the rise in energy, raw material and food costs.
Commenting on the figures, Ian McCafferty, chief economic adviser of the CBI, said: "The high street has been slowing gradually since last April and sales earlier this month were very subdued, while prices have risen strongly.
"Reflecting the increasingly tough conditions faced by the sector, business sentiment and investment plans have both taken a hit."
The figures could also be bad news for wholesalers, who may now face a slight drop in orders due to the sales dip.
(c) 2008 Adfero Ltd.
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