UK retail sales grow at sharpest pace in Aug in 7 years: CBI

In July, retail sales fell considerably as broader parts of the economy emerged from lockdown.

Although demand remains, retailers are currently struggling with operational challenges as labour shortages have hit supply. The shortages are also creating inflationary pressure in the sector.

CBI said selling prices in the three months to August rose at their fastest pace since November 2017 and that they are likely to continue rising over the coming months.

Of the 104 businesses surveyed by the CBI, 73 per cent said that prices were up compared with the same month a year ago. This was up from 53 per cent in May.

ALCHEMPro News Desk (DS)