Curate’s egg
Asked whether an egg served to him was to his liking, a very polite churchman replied it was “good in places.” Thus also the CBI’s latest monthly survey of the UK retail environment, which finds cause for optimism in a generally gloomy scene.
The Distributive Trades Survey (DTS) dates from 1983 and covers firms responsible for 40 percent of retail employment. It has good form as an early indicator of monthly retail sales. The latest DTS was conducted between April 29 and May 14.
The main findings are that high street activity was down for a second consecutive month in May, but is expected to improve in June. Prices moved up at the fastest rate since 1992 and will continue to rise in June as retailers passed on rising energy, food and raw material costs.
“It is encouraging that retailers can see some recovery in sales next month,” said CBI Chief Economic Adviser Ian McCafferty, “but they are not optimistic about the business outlook, and retail conditions are likely to remain tough.”
