1st Oct 2024 06:30
(Alliance News) - UK shop price moved further into deflation in September, reflecting discounts and fierce competition, a survey on Tuesday showed.
According to figures from the British Retail Consortium, shop price deflation was at 0.6% in September, compared with deflation of 0.3% in the previous month.
Shop price annual growth was at its lowest rate since August 2021, the BRC said.
Non-food remained in deflation at 2.1% in September, further down from 1.5% deflation in the preceding month. Food inflation, however, picked up to 2.3% in September, from 2.0% in August.
Fresh Food inflation accelerated in September, to 1.5%, up from 1.0% in August. Ambient Food inflation decelerated to 3.3% in September, down from 3.4% in August.
BRC Chief Executive Helen Dickinson said: "September was a good month for bargain hunters as big discounts and fierce competition pushed shop prices further into deflation. Shop price inflation is now at its lowest level in over three years, with monthly prices dropping in seven of the last nine months."
"This was driven by non-food, with furniture and clothing showing the biggest drops in inflation as retailers tried to entice shoppers back. Food inflation edged up slightly as poor harvests in key producing regions led to higher prices for cooking oils and sugary products."
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights reserved.