THE average Briton is becoming better clothed while cutting back on drinking at home and buying fewer cars, according to a survey on High Street spending taken before yesterday's surprise interest rate rise.
Results from the CBI's distributive trades survey for May show sales in Britain's shops grew steadily last month although the underlying trend was for a decline in growth as competition hots up on the High Street - which would appear to be further ammunition against increasing interest rates.
The retail survey found underlying sales growth in May increased at its slowest rate since November 1995 with shops selling clothes, shoes and leather goods reporting the strongest growth in sales volumes, with off-licenses seeing a marked downturn.
In the key motor trades, volumes are down on a year ago - the sharpest decline for four years. The survey found 49% of respondents reported increased sales volumes compared with the same time last year, while 24% reported a decline. This left a positive balance of 25% reporting growth last month compared to a 26% positive balance a month earlier.
Sudhir Junankar, CBI associate director of economic analysis, said: ''The underlying trend in sales growth is now showing clear signs of easing as trading conditions remain highly competitive.
''The survey suggests that retailers do not expect their prices to pick up any further, which is good news for the inflation outlook.''
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