The United Kingdom witnessed a notable downturn in retail sales during January, marking the sharpest decline in three years, according to a report from the Confederation of British Industry (CBI).
The retail sector in the UK faced a challenging start to the year, with the latest data revealing a substantial drop in sales activity. The report highlights that the pace of decline in January is the most rapid seen in the past three years. In January, the UK retail sales index plummeted to -50 from the December figure of -32, marking the lowest reading since January 2021, when the country was a lockdown because of the COVID-19 virus.
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