The Confederation of British Industry (CBI) reported on Thursday its latest survey of retailers showed retail sales volume balance stood at 11 in the year to September, up significantly from -6 in August. That was the highest reading since April 2019. Grocers were the primary driver of the expansion, with the overwhelming majority reporting rising sales volumes.

Economist had forecast the reading to decrease to -10.

However, retail sales volumes are expected to remain flat in October (0).

The report also revealed that orders placed on suppliers dropped for the 11th straight month (balance of -14, from -27) and are expected to decline again in the year to October (-3). Meanwhile, stock levels in relation to expected sales eased to their lowest balance since March (balance of +11, from +19) and are expected to ease further next month (+2).