UK March retail sales record the largest drop since April 2020

A survey showed that retail sales in the UK plummeted in March, marking the largest drop since April 2020; this was during the early stages of the COVID-19 pandemic outbreak, when most non-food stores were closed. The Confederation of British Industry (CBI) stated that in March, its measure of year-on-year retail sales performance dropped from a weak -43 in February to -52, with businesses expecting this index to only slightly improve to -49 in April. CBI's Chief Economist, Martin Sartorius, said: "Retailers are reporting that the weak economic conditions continue to suppress household spending, and activity in the wider distribution sector is also significantly subdued." This survey of 50 retail chain businesses was conducted between February 25 and March 13, with most of the data collected after the outbreak of the Russo-Iranian war. This conflict has pushed up petrol prices in the UK, and the Bank of England expects this to lead to a rise in overall inflation later this year.