July 12, 2024

Political Commentary

News Politics Business Sports

UK shop price inflation slows to lowest rate in over a year

2 min read

Stay informed with free updates

UK shop inflation eased to the lowest rate in more than a year in November as competition increased in the run-up to Christmas and food cost growth continued to fall, according to industry data.

The British Retail Consortium said on Tuesday that annual shop price inflation slowed to 4.3 per cent from 5.2 per cent in October, the sixth consecutive monthly decline and the lowest rate since June last year.

The BRC shop price index, which provides an early indication of pricing pressures ahead of the publication of official data on December 20, will raise hopes that slowing inflation and strong wage growth will support sales during the festive period.

BRC chief executive Helen Dickinson said the fall resulted from retailers competing “fiercely to bring prices down for customers ahead of Christmas”.

The BRC said price cuts in health and beauty products — as retailers rushed to shift stock — had led to a small month-on-month drop in non-food prices, which helped bring the annual rate of inflation in this category down to 2.5 per cent from 3.4 per cent in October.

Annual food inflation slowed to 7.8 per cent in November from 8.8 per cent the previous month, which Dickinson said was largely because of “lower domestic energy prices reducing overall input costs, particularly for dairy products”.

The BRC data suggested that the official measure of food prices would continue to ease further after slowing to 10.1 per cent in October from a peak of 19.1 per cent in March, the highest level in more than 45 years.

Retailers have in large part blamed surging food costs on the delayed effect of energy and commodity prices soaring after Russia’s invasion of Ukraine.

Mike Watkins, head of retailer and business insight, at NielsenIQ, who helped compile the data, said that food retailers would “be optimistic that footfall will increase as inflation slows and…

2023-11-27 19:02:05

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator

Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.