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UK Shop Prices Continue To Fall In September: BRC

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UK shop prices continued to decrease in September on falling non-food prices, data from the British Retail Consortium, or BRC, revealed Wednesday.

The shop price index dropped 1.6 percent year-on-year, the same pace of decrease as seen in August.

Non-food prices decreased 3.2 percent in September compared to a decline of 3.4 percent in August. At the same time, food inflation eased to 1.2 percent from 1.3 percent in August. Fresh food inflation held steady at 0.2 percent.

Retailers are cutting prices in order to encourage further spending where sales are yet to pick up, Helen Dickinson, chief executive at BRC, said. In addition, September saw the lowest rate of fresh food inflation since 2017, which has been mostly driven by the continued availability of fresh, local food produce.

Mike Watkins, Head of Retailer and Business Insight, Nielsen, said "Looking ahead we can expect shop price inflation to remain at current low levels for the next quarter."

 

 

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However, here's a silver lining in the cloud - the final reading 2Q UK GDP was encouraging - which was revised to -19.8% from -20.4%. Hope for more better news out of UK in the coming days.

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