UK Shop Prices Decline for Third Month Amid Inflation Concerns

Retailers warn that geopolitical tensions and government regulations could reverse the downward trend in shop price inflation.

Annual shop price deflation reached 0.8% in October, marking the steepest decline since August 2021.
Food inflation decreased to 1.9% annually, while non-food prices remained 2.1% lower than the previous year.
The British Retail Consortium warns that the current deflationary trend is vulnerable to external pressures such as geopolitical tensions and climate change impacts.
Retailers are urging the UK government to reform business rates in the upcoming budget to help maintain lower consumer prices.
The Bank of England is expected to cut interest rates in November, as inflationary pressures continue to stabilize.