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Financial News: UK Shop Prices Fall At Slower Pace In

UK Shop Prices Fall At Slower Pace In October: BRC

10/27/2021 - 05:24:00 (RTTNews)

(RTTNews) - UK shop prices declined at a slower pace in October, data published by the British Retail Consortium showed on Wednesday.

Shop prices slid 0.4 percent year-on-year in October after a 0.5 percent drop in the previous month.

Food prices grew 0.5 percent annually, the biggest annual growth since November 2020. Meanwhile, non-food prices decreased 1 percent as ongoing global shortages of materials and supply issues with logistics and shipping continue to put upward cost pressures on products such as furniture.

"It is now clear that the increased costs from labour shortages, supply chain issues and rising commodity prices have started filtering through to the consumer," Helen Dickinson, chief executive at BRC, said.

With food prices slowly increasing we can expect shoppers to start to rebalance basket spend over the next few weeks, particularly with increased concerns about discretionary spend, said Mike Watkins, head of Retailer and Business Insight, NielsenIQ.

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