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Financial News: UK BRC Shop Prices Decline In August

UK BRC Shop Prices Decline In August

08/27/2019 - 23:24:00 (RTTNews)

(RTTNews) - UK shop prices continued to fall in August on weak consumer spending and stiff competition, data from the British Retail Consortium showed Wednesday.

The shop price index dropped 0.4 percent year-on-year in August as non-food prices plunged 1.5 percent. Meanwhile, food prices gained 1.6 percent.

Consumers were the real winners this month as prices fell at their fastest rate in over a year, Helen Dickinson, chief executive at BRC, said.

"Weak consumer spending and stiff competition has kept prices down in the UK, however a disruptive no-deal Brexit, which would raise the cost of imported goods, could reverse this trend," Dickinson.

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