Shop price inflation in UK drops to 0.6 percent in May
Date
5/28/2024 9:03:04 AM
(MENAFN) According to data released by the British Retail Consortium (BRC) on Tuesday, the annual inflation rate for shop prices in the United Kingdom eased to 0.6 percent in May, marking a slight decrease from the 0.8 percent recorded in April. Helen Dickinson, the head of the consortium, noted that this level of shop price inflation signifies a return to normal levels, indicating a stabilization in retail pricing following previous fluctuations. The BRC highlighted that this marks the lowest shop price annual growth since November 2021, suggesting a trend towards more consistent pricing dynamics in the retail sector.
In further analysis, the data revealed that non-food items continued to experience deflation, with a rate of minus 0.8 percent in May, slightly lower than the minus 0.6 percent observed in April. Conversely, food inflation decelerated to 3.2 percent in May, down from 3.4 percent in April. Dickinson underscored the role of retailers in mitigating inflationary pressures, attributing the moderation in shop price inflation partly to their efforts.
However, Dickinson also stressed the importance of supportive government policies in sustaining this trend of stabilizing prices in the retail market. With the economic landscape still influenced by various factors, including supply chain disruptions and changing consumer behaviors, the need for a coordinated approach between retailers and policymakers remains paramount to ensure continued stability in shop price inflation and overall economic resilience.
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