LONDON (Reuters] – British retailers recorded the strongest preChristmas demand since 2015, but the greatest price rises in 20 years, according to figures from Confederation of British Industry. Fears of shortages prompted shoppers to shop early for gifts, the Confederation of British Industry reported.

CBI announced that the monthly retail sales balance (which measures retailers’ perceptions of annual growth) rose from +30 to +39 in October to reach a new three-month peak at +39 in November.

However, a separate measurement of sales by year leapt from -1 to +35. This is its highest level since September 2015.

CBI economist Ben Jones reported that “Christmas appears to have arrived early for retailers”, with clothes and department stores experiencing a large upward swing in sales volumes during November.

He said that although stock levels appeared adequate, the retailers survey indicated that previous shortages had led shoppers to want to purchase goods earlier in the year.

According to the most recent data for October, retail sales increased for the first month since April. British retail sales soared when stores reopened following a lockdown in March and April, but fell as more businesses opened and customers had more options.

Data also show that prices are rising in Britain. These may prompt the Bank of England’s to raise its interest rate next month.

The largest price rise since May 1990 was reported by retailers, who also expect a similar increase in the next month.

The sector, which had been suffering from long-term stress due to online shopping, saw its employment rise for the first-time since November 2016.

With both job growth and investments increasing, overall retailers seem to be more optimistic. Jones acknowledged that costs pressures continue to be a real problem.