LONDON (Reuters) - British retail sales rose at their fastest pace since January this month, a survey by the Confederation of British Industry showed on Monday, adding to signs economic growth is continuing in the second half of the year.
The CBI distributive trades survey’s sales balance rose to +17 - matching January’s level - from June’s four-month high of +1.
The expected sales balance for August slipped to +10 from +13, though orders placed with suppliers rose at their fastest rate in six months.
“The feel-good factor from the heatwave and early summer sales has helped boost high street sales, after a very weak start to the year,” said Stephen Gifford, the CBI’s director of economics.
“A positive knock-on effect on retail sales from the royal baby has been mooted, but much more realistically, continued good weather and discounts will play a greater role in retail growth over the next month.”
Reporting by David Milliken