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Financial News: UK Shop Prices Decline At Slower Pace: BRC

UK Shop Prices Decline At Slower Pace: BRC

07/29/2020 - 01:27:00 (RTTNews)

(RTTNews) - UK shop prices declined at a slower pace in July, data from the British Retail Consortium showed Wednesday.

The shop price index dropped 1.3 percent year-on-year in July, following a 1.6 percent decrease in June.

The decline in shop prices eased in July as non-food prices dropped at a slower pace of 2.9 percent. At the same time, food inflation held steady at 1.5 percent in July.

"Falling prices at tills is good news for shoppers, and will hopefully tempt more people onto our high streets and retail destinations," Helen Dickinson, chief executive at BRC, said.

"Now that all of retail has re-opened for business, keeping prices stable will be important as it's going to be difficult for retailers to second guess the strength of consumer spend with social distancing measures continuing, and consumer confidence still low," Mike Watkins, Head of Retailer and Business Insight, Nielsen, said.

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