THE high street sales boom is beginning to fade, with sales volume growth at its slowest this year, a survey has revealed.
The CBI's monthly survey showed 45 per cent of retailers reporting sales growth in October compared with a year ago, while 26 per cent reported a fall, giving a positive balance of 19 per cent, compared with 54 per cent in September.
The CBI said the underlying trend in retail sales remained fairly robust. Alastair Eperon, chairman of the survey's panel, said: "Consumer spending has moved out of fifth gear but that does not mean it is heading for a standstill.
"It is too soon to say whether sales growth will continue to slow over the long-term, but with inflation prospects benign, the CBI's call for a meaningful rate cut is justified.
"Anecdotal evidence suggests sales may have been affected by the decline in tourist trade from the US and by the unusually warm October.
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