The British Independent Retailers Association has said that recent BRC-Nielsen Shop Price Index figures show promise for struggling retailers.
The report showed that shop price annual inflation decelerated further to 5.2% in October, down from 6.2% in September, and below the three-month average rate of 6.1%. Shop price growth is at its lowest since August 2022.
Non-food inflation fell to 3.4% in October, down from 4.4% in September, and below the three-month average of 4.2%. Inflation is at its lowest since September 2022.
Food inflation decelerated to 8.8% in October, down from 9.9% in September, below the three-month average of 10.1% and its sixth consecutive deceleration.
Andrew Goodacre, BIRA ceo, said: “These inflation figures are encouraging and they show that retailers are doing their bit in keeping prices low. They also show a lack of demand on the high street with retailers already discounting heavily in this ‘golden quarter’. I hope that the figures encourage the Bank of England to hold interest rates again. This should increase consumer confidence and encourage expenditure on the high streets without any risk of inflation increasing as a result.”
