U.K. retail sales declined at the fastest rate in more than a year in May, signaling that growth in the retail sector weakened persistently in 2013, survey data released by the Confederation of British Industry revealed Wednesday.
According to Distributive Trades Survey, a balance of 11 percent reported a fall in sales volume, the lowest since January 2012, and weaker than the expected level of 3 percent.
"Retail sales growth has weakened since the start of the year as households continue to feel the pinch, with wages failing to keep pace with the cost of living," Barry Williams, Asda Chief Merchandising Office for Food and Chair of the CBI Distributive Trades Survey Panel said.
Sales volumes are expected to rise modestly in June, with 29 percent of firms expecting an increase versus 20 percent predicting a fall, resulting in a rounded balance of 10 percent.
Further, 16 percent of retailers expect business conditions to improve over the next three months and 7 percent expect them to deteriorate, giving a rounded balance of 10 percent.
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