The survey of 106 firms, of which 49 were retailers, showed that in the year to October, retail sales fell at the quickest rate since March 2009 - the height of the financial crisis. That gives a rounded balance of -36 percent, the worst reading since March 2009.
Despite the disappointing figures, respondents to the survey were more hopeful for the month ahead with 14 per cent expecting sales volumes to increase and 12 per cent expecting them to decrease.
While the CBI survey is extremely volatile from month to month, the three-month average balance for reported retail sales sank to - 1 from +18 in September - a 13-month low.
Exactly half of retailers said volumes were down in October compared to a year ago.
"It's clear retailers are beginning to really feel the pinch from higher inflation. While retail sales can be volatile from month-to-month, the steep drop in sales in October echoes other recent data pointing to a marked softening in consumer demand".
Ben Arfa vers Leicester — PSG
Pendant sa période compliquée au sein du club parisien , Ben Arfa a trouvé en Puel un confident qui l'aide à s'accrocher. Mais, avec les jeunes, il a un comportement super".
JPMorgan economist Allan Monks said he tended to take Britain's array of monthly retail surveys with a pinch of salt, but added that Thursday's CBI survey raised concerns about momentum in the consumer economy.
"Maintaining productivity gains will be crucial to sustaining wage growth as employers contend with further changes to statutory employment costs".
Growth in online sales slowed in the year to October, to a pace just below the long-run average, but is expected to pick up slightly in the year to November.
"The survey often is a poor guide because it includes only 49 retailers reporting whether sales are higher or lower than a year ago exclusively in the first two weeks of the month".
"That said, compelling reasons exist to expect consumers to tighten their purse strings over the final months of 2017".
- Tramway Rabat-Salé : Nouveau contrat à 45 M€ pour Alstom
- Jessica Alba révèle le sexe de son futur bébé
- Rock 'n' roll pioneer Fats Domino passes at 89
- Cambridge University to 'decolonise' Eng Lit course after student demands
- Lawmakers want to expand gambling in Pennsylvania. Here's what it means
- Bloodhound speed record auto attempting first public run
- Ces documents déclassifiés sont-ils décisifs — Assassinat de JFK
- La dette mondiale atteint des sommets
- DeMarcus Cousins drops 39 points as Pelicans fall to Blazers
- Windows 10 Redstone 4 : publication d'une build 17025