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Financial News: UK Shop Prices Fall Further On Promotions: BRC

UK Shop Prices Fall Further On Promotions: BRC

02/26/2020 - 07:03:00 (RTTNews)

(RTTNews) - UK shop prices declined at a faster pace in February as weak demand forced further promotion, data from the British Retail Consortium showed on Wednesday.

The BRC-Nielsen shop price index declined 0.6 percent versus a 0.3 percent fall in January.

Non-food prices fell at the highest rate since May 2018. Non-food prices decreased at a higher pace in February, down 1.9 percent compared to -1.5 percent in January. At the same time, food inflation was steady at 1.6 percent.

The decline in prices was driven by weak consumer demand and intense competition, which led many retailers to prolong their January sales, Helen Dickinson, chief executive at BRC, said.

In contrast, some non-perishables, such as cereals, have caused overall food prices to rise. This is likely to worsen as global food prices have been growing at a double-digit rate for the past three months, Dickinson added.

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