Shop Price Inflation at 1.3 Percent in Lowest Rate Since December 2021

Shop prices slowdown has reached the lowest level since December 2021, driven by the dropping cost of food and intense competition amongst retailers. Annual price inflation fell below the two-month average rate of 2.2 percent in March. Data by the British Retail Consortium (BRC)-NielsenIQ shop price index recorded a drop from 2.5 percent in February to 1.3 percent in March. Consumers saw food prices ease to 3.7 percent in a tenth consecutive deceleration and lowest inflation since April 2022. The cost of both fresh and ambient foods went down below the three-month average rates and was record low in March. The BRC chief executive Helen Dickinson said that retailer competition was driving the slowdown in shop prices....