US EditionUK shop prices fall for first time since March, retailers say
Retailers in the UK introduced early discounts ahead of Black Friday, leading to a 0.4% drop in non-food prices and overall shop price inflation easing to 1%, British Retail Consortium data shows.
- New industry figures show the British Retail Consortium and NielsenIQ reported overall shop price growth slowed from 1.4 in September while prices fell 0.3%.
- Amid heavy discounting and competition, fierce retail competition and easing global sugar prices cut chocolate and confectionery costs ahead of Halloween.
- Fresh food inflation rose to 4.3%, while non-food prices fell 0.4% and ambient food inflation dropped to 2.9%, reflecting divergent moves in retail pricing ahead of Black Friday.
- The slowdown gave some relief to households and may comfort the Bank of England, while Dickinson urged Finance Minister Rachel Reeves not to raise retail taxes in the November 26 budget, warning it `would inevitably keep inflation higher for longer`.
- Amid tax pressures and IMF warnings, the Bank of England says employer National Insurance Contributions and a new packaging tax have raised inflation, while the IMF recently warned UK inflation will top the G7.
15 Articles
15 Articles
UK shop prices fall for first time since March, retailers say
British retailers cut their prices in October, led by the biggest drop for food in almost five years, industry figures showed, offering a bit of relief to households before Halloween as well as the Bank of England and the government.
Shop Price Inflation Cools On The Back Of Discounting And Easing Rises In Food
Overall shop price inflation slowed this month as retailers turned to discounts to attract cautious shoppers. And while food inflation remained high, especially for fresh food, it eased for ambient goods. The BRC-NIQ Shop Price Monitor shows inflation decreased to (more…) The post Shop Price Inflation Cools On The Back Of Discounting And Easing Rises In Food appeared first on KamCity.
UK shop prices fall for first time since March as food inflation cools
UK shop prices fell in October for the first time in seven months, driven by the biggest decline in food prices since 2020, the British Retail Consortium said. Overall prices dropped 0.3% from September, offering relief to households and policymakers. The BRC credited strong retail competition and lower global sugar prices, while warning against higher taxes that could reignite inflation.
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