Financial News: UK Shop Price Deflation Deepens: BRC

UK Shop Price Deflation Deepens: BRC

10/29/2024 - 05:09:00 (RTTNews)

(RTTNews) - UK shop prices declined the most in more than three years in October amid falling non-food prices and easing food inflation, the British Retail Consortium, or BRC, said Tuesday.

The shop price index declined 0.8 percent on a yearly basis in October, larger than the 0.6 percent decrease in the previous month. This was the weakest deflation since August 2021.

Non-food prices decreased 2.1 percent annually, unchanged from the preceding month. Clothing prices rose for the first time since January as retailers started to unwind the heavy discounting seen over the past year. At the same time, food inflation softened to 1.9 percent from 2.3 percent in September. Fresh food inflation decelerated to 1.0 percent from 1.5 percent.

BRC Chief Executive Helen Dickinson said, "Households will welcome the continued easing of price inflation, but this downward trajectory is vulnerable to ongoing geopolitical tensions, the impact of climate change on food supplies, and costs from planned and trailed Government regulation."

"Consumers remain uncertain about when and where to spend and with Christmas promotions now kicking in, competition for discretionary spend will intensify in both food and non-food retailing," said NielsenIQ Head of Retailer and Business Insight Mike Watkins.

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