UK CBI FEB TOTAL DISTR REPORTED SALES -12; JAN -22

UK CBI FEB RETAIL REPORTED SALES +2 (FCST -10); JAN -23

• February sales were less weak than anticipated in the UK CBI Distributive Sales Survey, with sales growth largely flat.
• Sales are projected to fall again in March and retailers expect to reduce employment levels again in Q1, however outlooks are becoming less pessimistic.
• Retail selling price inflation eased slightly further in February.
• This data follows the modest uptick in January national retail data, which saw sales boosted by discounts. A continuation of the discounting trend will be positive in reducing inflationary pressures.
• Low consumer confidence, high inflation and mortgage rates continue to dampen spending appetite. Lacklustre spending outlooks remain a concern for the BOE but in line with projections.

Souce: CBI