Worst fall for UK retail sales in over 40 years due to Iran war inflation fears

British retailers reported the sharpest year-on-year decline in sales in more than 40 years as the Iran war raised inflation fears for shoppers, a survey by the Confederation of British Industry (CBI) cited by Reuters shows. The CBI’s monthly retail sales volume measure dropped to -68 in April from -52 in March, its lowest reading since starting in 1983. Expectations for May also darkened, dropping to -60 from -49, the gloomiest outlook since March 2021 during the COVID-19 pandemic. “With the economic impact of the Iran conflict becoming clearer, firms will be looking to government to recognise that easing cost of living pressures depends on tackling the cost of doing business,” CBI economist Martin Sartorius said.