Financial News: UK Shop Price Inflation Softest Since Late 2021:

UK Shop Price Inflation Softest Since Late 2021: BRC

07/02/2024 - 06:16:00 (RTTNews)

(RTTNews) - UK shop prices increased at the slowest pace since late 2021 in June as food prices posted a slower growth amid deepening deflation in non-food prices, the British Retail Consortium reported Tuesday.

The shop price index rose only 0.2 percent year-on-year in June, slower than the 0.6 percent increase in May.

Shop price inflation hit the lowest since October 2021. The three-month average inflation was 0.5 percent.

Non-food prices declined 1.0 percent annually in June, sharper than the 0.8 percent fall in the preceding month. At the same time, food inflation decelerated to 2.5 percent from 3.2 percent.

Non-food prices posted the biggest decrease since October 2021 and food inflation was the slowest since December 2021.

BRC Chief Executive Helen Dickinson said retailers invested heavily in improving their operations and supply chains to compensate for the impact of global shocks on input costs during the height of the cost-of-living crisis. Efforts of retailers paid off, Dickinson added.

"With uncertainty around discretionary spending, we expect the intense competition across the marketplace to keep price increases as low as possible this summer," NielsenIQ Head of Retailer and Business Insight Mike Watkins, said.

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