Its distributive trades survey conducted in the first two weeks of the month showed 58% of stores reporting higher sales volumes than a year ago, against just 17% seeing a fall.
The CBI said the survey was the most positive since December 2010, with grocers recording the best figures.
Asda chief operating officer Judith McKenna, who is also chair of the CBI’s distributive trades panel, said: “The Jubilee provided a much-needed boost to our high streets.
“However, it is notable that sales were still considered to be below par for the time of year.
“Weak consumer confidence and uncertainty over the economic outlook are still putting a brake on consumer spending across the whole retail sector.”