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UK Shop Price Inflation Eases, Non-Food Items Enter Deflation

As the UK experiences the lowest shop price inflation since December 2021, non-food items see prices drop, offering relief to consumers.

Overview

  • Non-food items in UK stores, including clothing and footwear, have entered deflation for the first time in over two years, with prices falling by 0.6%.
  • Food inflation continues to slow, reaching 3.4%, the lowest since March 2022, driven by reduced costs for items like butter, fish, and fruit.
  • The overall shop price inflation rate has decreased to 0.8%, the lowest growth since December 2021, according to the British Retail Consortium (BRC) and NielsenIQ.
  • Retailers are increasing promotions to encourage spending, which is contributing to lower prices for non-food items.
  • The easing of shop price inflation is expected to influence the Bank of England's decision on interest rates, with a potential reduction anticipated.