UK DATA: CBI Retail Sales Third Consecutive Monthly Fall, But Downturn Eases

UK CBI volume of sales reported fell for a third consecutive month in August, but at a slower pace printing -27 (vs -32 expectation, -43 prior).

• This is following the ONS retail sales in July rebounding only part of the loss made in June recording a rise of 0.5% M/M in July after falling 0.9% in June. 
• Volume of sales are expected to fall again at a slower pace next month (-17). The Principal Economist at CBI states the weakness is due to retailers reporting "increased caution regarding their investment and hiring plans, which seemed to reflect concerns about persistently weak demand conditions."
• Also of particular note the release mentions "Selling price inflation accelerated in the year to August (+30 from +20 in May) but remained below the long-run average rate (+41). Retailers expect price inflation to ease next month (+15)", note this is following NEIG (Core Goods) inflation printing higher than expected in the July official ONS CPI print, and there will be continued focus as to whether this is a broader and earlier pick up in goods inflation than many (including the BOE's August MPR forecasts) had assumed.
• The survey ran between 29 July and 14 August and includes 121 respondents, of which 50 were retailers.