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UK shop price inflation at lowest since August 2022

Published 31/10/2023, 10:06
© Reuters.  UK shop price inflation at lowest since August 2022
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Proactive Investors - Shop price inflation has eased for the fifth consecutive month to its lowest rate since last August.

Prices were 5.2% higher in October than a year earlier, a sharp fall from September's 6.2% figure, according to the British Retail Consortium-Nielsen Shop Price Index.

Imported goods saw higher levels of inflation due to a weaker pound, still-high producer costs and emerging trade frictions, while prices for some domestically-produced food, such as fruit, were lower compared with last month.

Prices of children's and baby clothing also fell as retailers continued to support families with the arrival of colder weather, the BRC said.

Food inflation also slowed, to 8.8% from September's 9.9%, the sixth consecutive deceleration, while fresh food inflation slowed even further to 8.3%, down from 9.6% a month earlier.

Helen Dickinson, chief executive of the BRC said: "Imported goods saw higher levels of inflation due to a weaker pound, still-high producer costs and emerging trade frictions, while prices for some domestically produced foods, such as fruit, were lower compared to last month."

"Prices of children’s and baby clothing also fell as retailers continued to support families as the colder weather descended."

Read more on Proactive Investors UK

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