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Shop prices fell into deflation for the first time in nearly three years, new figures show, as rate-setters grow increasingly confident that the risks of persistent inflation are fading.
Prices in the retail sector fell 0.3 per cent in the 12 months to August, according to data from the British Retail Consortium (BRC) and Nielsen IQ, down from an increase of 0.2 per cent last month.
The overall index was pulled down by non-food prices, which fell further into deflation in August.
Non-food prices fell 1.5 per cent, its lowest reading since July 2021 and down from a 0.9 per cent decrease in the preceding month.
Mike Watkins, head of retailer and business insight at Nielsen IQ, said that falling prices were a result of retailers trying to drum up some demand during a dreary summer.
“Many non-food retailers have kept promotional support due to the unpredictable weather,” he said.
Prices in the retail sector fell 0.3 per cent in the 12 months to August, according to data from the British Retail Consortium (BRC) and Nielsen IQ, down from an increase of 0.2 per cent last month.
The overall index was pulled down by non-food prices, which fell further into deflation in August.
Non-food prices fell 1.5 per cent, its lowest reading since July 2021 and down from a 0.9 per cent decrease in the preceding month.
Mike Watkins, head of retailer and business insight at Nielsen IQ, said that falling prices were a result of retailers trying to drum up some demand during a dreary summer.
“Many non-food retailers have kept promotional support due to the unpredictable weather,” he said.
Shop prices in deflation for first time in almost three years
The overall index was pulled down by non-food prices, which fell further into deflation in August.
news.uk.cityam.com
