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Financial News: UK Shop Prices Fall At Faster Pace In

UK Shop Prices Fall At Faster Pace In August: BRC

09/02/2020 - 04:43:00 (RTTNews)

(RTTNews) - UK shop prices declined at a faster pace in August, data from the British Retail Consortium revealed Wednesday.

Shop prices fell 1.6 percent from last year, following a 1.3 percent drop in July.

The fall was largely driven by a 3.4 percent decrease in non-food prices. At the same time, food inflation slowed to 1.3 percent.

The faster rate of decline was driven by cheaper Non-Food goods, as many retailers have continued to run promotions and sales in order to entice customers to spend and make up for lost ground during lockdown, Helen Dickinson, chief executive at BRC, said.

Meanwhile, the availability of fresh, seasonal produce has allowed food inflation to ease, Dickinson added.

However, Dickinson said these lower prices are already under threat from increased costs associated with implementing coronavirus safety measures and are certain to rise if the UK ends the transition period without a trade deal with the EU.

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