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UK shop price inflation at lowest since May 2022

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UK shop price inflation at lowest since May 2022 By Proactive Investors

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Published Jan 30, 2024 08:20
Updated Jan 30, 2024 08:41

© Reuters. UK shop price inflation at lowest since May 2022

Proactive Investors – Shop price inflation in the UK fell in January to its lowest rate since May 2022 as retailers offered heavy discounts to entice customers.

According to the British Retail Consortium-NielsenIQ Shop Price Index, January’s shop price growth eased to 2.9% than a year ago, down from 4.3% in December and below the three-month average of 3.9%.

Inflation on non-food products fell to 1.3% in January, down from 3.1% in December – the lowest rate since February 2022.

Food inflation also slowed, to 6.1% in January from December’s 6.7%, the ninth consecutive fall and the lowest rate since June 2022.

The BRC said the easing is “good news for the morning brew” as the price of tea and milk fell, while alcohol remained more expensive on the back of increased duties.

BRC chief executive Helen Dickinson said: “Some new year cheer as January shop price inflation slid to its lowest level since May 2022.”

She noted non-food goods drove the fall”, as many retailers offered heavily discounted goods in their January sales to entice consumer spend amidst weak demand.”

But Mike Watkins, head of retailer & business insight at NielsenIQ, cautioned “consumer demand remains fragile as most households are yet to feel better off after nearly two years of inflation.”

Read more on Proactive Investors UK

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UK shop price inflation at lowest since May 2022

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