UK Retail Sales Suffer Sharpest Fall for Almost a Year The latest figures from the Office for National Statistics (ONS) reveal a dismal picture of the UK retail sector, with sales volumes plummeting by 1.
3% in April the sharpest fall in almost a year. This downturn exceeds economists' forecasts of a mere 0. 6% decline, underscoring the extent to which consumer spending has been caught off guard.
The immediate cause of this collapse is the surge in petrol and diesel prices, which have risen by 19. 3% and 30. 6%, respectively, since the Middle East conflict began.