The Confederation of British Industry released its retail sales balance data on Wednesday. The Confederation of British Industry released its retail sales balance data on Tuesday. The CBI retail sales balance jumped to +51% in May from +12% in April.

"Low inflation, which we expect to remain below 1 percent for the rest of the year, has given household incomes a much-needed boost and greater spending power," the CBI director of economics Rain Newton-Smith said.

Sales expectations for next month jumped to +58% in May from +40% in March, the highest level since September 1988.