The retail industry witnessed a slowdown in sales growth this month, the Confederation of British Industry (CBI) has claimed.
For the first time since November 2006, there were more respondents in the Distributive Trades Survey reporting a fall in year-on-year sales for the month than there were citing a rise.
Sales were deemed to be slightly below average for this time of year, with the three-month moving average balance falling to three per cent.
Orders and stocks were also lower than expected, though 55 per cent of respondents said that average selling prices were up on last February - compared to six per cent who experienced a fall.
Commenting on the effects of the "very subdued" month, CBI adviser Ian McCafferty observed: "Reflecting the increasingly tough conditions faced by the sector, business sentiment and investment plans have both taken a hit."
In other CBI news, the organisation is pressing the government for fiscal restraint ahead of the coming Budget.
