Shop price rises back to 'normal', British Retail Consortium says
UK Shop Prices: True Relief or Temporary Dip?
Shop price increases in the UK have returned to "normal levels" with a notable drop in the cost of non-food items such as furniture and TVs, reports the British Retail Consortium. In May, the overall price rise rate was 0.6%, a decrease from the previous month's 0.8%. Food inflation continues to decline, marking its thirteenth consecutive month of reduction, now at 3.2%. This price stabilization provides some relief to household budgets that have been strained by post-pandemic inflation and rising energy costs due to the Ukraine conflict.
What are the current "normal levels" of shop price rises as reported by the British Retail Consortium (BRC)?
The British Retail Consortium (BRC) reported that shop price rises have returned to "normal levels," with an annual rate of increase at 0.6% in May. This rate is a decrease from the previous month's rate of 0.8%. This stabilization in shop price inflation includes both non-food items such as furniture and televisions, which have seen price reductions, and food items, where the rate of inflation has also slowed24.
What was the rate of food inflation in May, and how does this compare to the previous 12 months?
In May, food inflation fell for the thirteenth month in a row to 3.2%. This is a decrease compared to the previous 12 months, where prices rose at an annual rate of 0.6%.