CBI Sales Fall At Fastest Pace in 5-Month

The CBI sees retail sales declining at the fastest pace in five month in Oct, with reported sales decreasing to -23 in contrast to markets looking for a drop to -2. This follows an upbeat reading in Sep which showed the fastest expansion since 2019. Order volumes plunged to the lowest level since Jun and orders are expected to deteriorate in Nov. Sales in different retail sectors provide a mixed picture. After five months of continuous growth, food sales were flat in Oct. Among non-food sales, department stores, clothing and "other normal goods" stores reported a decline in sales, while furniture, DIY and recreational goods retailers saw sales rising. Moreover, internet sales saw another pick-up. The survey noted that retail sales were 22% lower in Oct than compared to "normal" conditions. Stocks are seen broadly adequate according to the survey and are expected to remain at an adequate level in Nov.