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UK shop price inflation at lowest in a year – BRC
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LONDON (Reuters) – Prices in British store chains rose at the slowest pace in a year in September, according to industry data that adds to signs that the UK’s high inflation rate is set to extend its recent fall.
LONDON (Reuters) – Prices in British store chains rose at the slowest pace in a year in September, according to industry data that adds to signs that the UK’s high inflation rate is set to extend its recent fall.
The British Retail Consortium said annual shop price inflation cooled to 6.2% last month from 6.9% in August, its lowest since September 2022.
Food price inflation fell for the fifth month in a row to 9.9% from 11.5% and was down for the first time in more than two years in month-on-month terms.
Non-food inflation eased to an annual 4.4% from 4.7%.
“We expect shop price inflation to continue to fall over the rest of the year,” BRC Chief Executive Helen Dickinson said.
“However there are still many risks to this trend – high interest rates, climbing oil prices, global shortages of sugar, as well as the supply chain disruption from the war in Ukraine.”
The BRC’s shop price inflation measure is seen as an early signal for the broader official consumer price index which has fallen from a peak of over 11% last October to 6.7% in August.
The Bank of England paused its run of interest rates in September after 14 back-to-back increases but has stressed it will probably keep them high for a period to squeeze inflation pressures out of the economy.
(Writing by William Schomberg; editing by Grant McCool)
Inflation is the rate at which the general level of prices for goods and services rises, leading to a decrease in purchasing power.
The consumer price index (CPI) measures the average change over time in the prices paid by consumers for a basket of goods and services.
Retail trade involves the sale of goods and services to consumers for personal use, typically through stores or online platforms.
Interest rates represent the cost of borrowing money or the return on savings, expressed as a percentage of the principal amount.
The British Retail Consortium (BRC) is a trade association representing the retail industry in the UK, providing insights and data on retail performance.
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