UK Shop Inflation Falls as Furniture and TV Prices Drop
Shop price inflation in the UK decreased to its lowest level since November 2021. Inflation was 0.6% in May, down from 0.8% in April, driven by reduced prices for furniture and TVs. BRC’s Chief Executive, Helen Dickinson, urged government action to further reduce inflation, especially ahead of upcoming elections.
Shop price inflation in the UK decreased to its lowest level since November 2021.
The inflation rate was 0.6% in May, down from 0.8% in April, driven by reduced prices for furniture and TVs. Non-food prices fell by 0.8%, marking the largest drop since 2021, while food price inflation eased to 3.2% from 3.4% in April.
The British Retail Consortium (BRC) and NielsenIQ reported that retailers are passing on price cuts to shoppers, aiding in stabilizing food inflation.
However, unseasonable weather has dampened consumer demand, prompting continued promotional activity.
BRC’s Chief Executive, Helen Dickinson, urged government action to further reduce inflation, especially ahead of upcoming elections.
The Bank of England may consider cutting interest rates if inflation continues to decline.
Foot traffic to shopping destinations fell by almost 1%, but a surge in online sales led to a near-4% increase in total sales.
The inflation rate was 0.6% in May, down from 0.8% in April, driven by reduced prices for furniture and TVs. Non-food prices fell by 0.8%, marking the largest drop since 2021, while food price inflation eased to 3.2% from 3.4% in April.
The British Retail Consortium (BRC) and NielsenIQ reported that retailers are passing on price cuts to shoppers, aiding in stabilizing food inflation.
However, unseasonable weather has dampened consumer demand, prompting continued promotional activity.
BRC’s Chief Executive, Helen Dickinson, urged government action to further reduce inflation, especially ahead of upcoming elections.
The Bank of England may consider cutting interest rates if inflation continues to decline.
Foot traffic to shopping destinations fell by almost 1%, but a surge in online sales led to a near-4% increase in total sales.
