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Financial News: UK Shop Prices Decline At Fastest Pace In

UK Shop Prices Decline At Fastest Pace In 16 Months: BRC

10/01/2019 - 23:30:00 (RTTNews)

(RTTNews) - UK shop prices declined at the fastest pace in more than a year in September on weaker spending, data published by the British Retail Consortium showed Wednesday.

The BRC-Nielsen shop price index decreased 0.6 percent in September after easing 0.4 percent in August. This was the biggest fall since May 2018.

Non-food prices fell 1.7 percent annually compared to August's decrease of 1.5 percent. It was also the highest rate of decline since May 2018. Food inflation eased to a 17-month low of 1.1 percent from 1.6 percent.

With consumers feeling uncertain about spending, retailers continue to focus on limiting price increases coming through the supply chain, Mike Watkins, head of Retailer and Business Insight, Nielsen, said.

Watkins noted that prices declined in non foods helped by seasonal reductions and many food retailers introduced price cuts to help regain momentum after a challenging summer.

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