The British Independent Retailers Association has said it is ‘hopeful’ to see consumer confidence rising after news that UK inflation had fallen to its lowest level for almost two and a half years.
The Office for National Statistics recently reported that the UK inflation rate has fallen to 3.4%, and said that the slower pace of food price rises helped push down inflation, along with soft drinks, restaurants and hotels. The effect has also partially been offset by petrol prices and rental prices.
Andrew Goodacre, ceo of BIRA, said: “It is good to see inflation falling, and hopefully, the decline will have a positive impact on consumer confidence.
“This confidence would be further enhanced if the Bank of England now did the right thing and started to reduce interest rates, especially as energy prices, a factor in inflation, will fall again in April.”
