Shop price inflation in the UK has decreased for the fifth consecutive month, reaching its lowest rate since August. The British Retail Consortium (BRC)-Nielsen Shop Price Index reveals that prices were 5.2% higher in October compared to the previous year, down from September's 6.2%. The decrease in inflation is attributed to lower prices for some domestically-produced food and children's clothing, as well as a slowdown in food inflation. BRC chief executive Helen Dickinson urges the government to avoid imposing new costs on businesses to maintain the positive trend.
Shop price inflation has eased for the fifth consecutive month to its lowest rate since last August, figures show.
Imported goods saw higher levels of inflation due to a weaker pound, still-high producer costs and emerging trade frictions, while prices for some domestically-produced food, such as fruit, were lower compared with last month. Food inflation also slowed, to 8.8% from September’s 9.9% – its sixth consecutive deceleration and lowest rate since last July – while fresh food inflation slowed even further to 8.3%, down from 9.6% a month earlier.BRC chief executive Helen Dickinson said: “Retailers have been battling to keep prices down for their customers in the face of rising transport costs, high interest rates and other input costs.
“Without immediate action from the Chancellor, retailers have an additional £470 million per year on their business rates bill, jeopardising the progress made. Ultimately, it’s consumers who would pay the price for the rising rates bill.”
Shop Price Inflation UK British Retail Consortium Nielsen Prices Domestic Food Children's Clothing Food Inflation Government Business Rates
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Shop price inflation eases for fifth consecutive monthPrices were 5.2 higher in October than a year earlier, according to the British Retail Consortium (BRC)-Nielsen Shop Price Index.
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Shop Price Inflation Eases for Fifth Consecutive MonthShop price inflation has decreased for the fifth month in a row, reaching its lowest rate since August. The British Retail Consortium (BRC)-Nielsen Shop Price Index shows that prices were 5.2% higher in October compared to the previous year, down from September's 6.2%. Imported goods experienced higher inflation due to a weaker pound, while some domestically-produced food prices were lower. Food inflation also slowed, reaching its lowest rate since July.
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