UK shop prices have seen a significant decline. This month marks the fastest drop in over three years. The British Retail Consortium (BRC) reports a 0.8% annual shop price decline.
Food prices have risen by 1.9%. In contrast, non-food items remain down by 2.1%. Interestingly, clothing prices increased for the first time since January. Retailers are adjusting their discounts in response.
Finance Minister Rachel Reeves is set to announce her budget soon. This announcement raises inflation risks that could affect the market. Retailers are anxious about potential increases in social security contributions.
"Households welcome the decline in shop price inflation," stated BRC Chief Executive Helen Dickinson. However, she warns that this downward trend is vulnerable. Ongoing geopolitical tensions and climate change can impact food supplies.
The Bank of England is expected to respond to these economic conditions. With consumer price inflation falling to 1.9% in September, changes are anticipated. Overall, the outlook for UK shop prices remains uncertain.
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UK shop price decline shows significant drops amid budget concerns. Retailers warn of potential inflation risks ahead.
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