26th Nov 2024 06:08
(Alliance News) - Shop prices continued to ease in November albeit at a slower pace than October, a survey on Tuesday showed.
According to the BRC-Nielsen Shop Price Index, shop price deflation was 0.6% in November on-year, up from deflation of 0.8% in the previous month. This is slightly above the 3-month average rate of 0.7%. Shop price annual growth remained at its lowest rate since September 2021.
Non-food remained in deflation at 1.8% in November, up from 2.1% in the preceding month. This is in-line with levels last seen in mid-2021.
Food inflation slowed to 1.8% in November, down from 1.9% in October. This is below the 3-month average rate of 2.0%.
BRC Chief Executive Helen Dickinson said: "November was the first time in 17 months that shop price inflation has been higher than the previous month, albeit remaining overall in negative territory."
"With significant price pressures on the horizon, November’s figures may signal the end of falling inflation. The industry faces GBP7 billion of additional costs in 2025 because of changes to employers’ national insurance contributions, business rates, an increase to the minimum wage and a new packaging levy."
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.