Shop Prices Fall for 1st Time in Almost 3 Years

Shop prices fell for the first time in nearly three years this month, as retailers offered heavy discounts on their summer stock of fashions and household goods. The latest data from the British Retail Consortium (BRC) and NielsenIQ recorded shop price deflation of 0.3 percent, down from 0.2 percent in July. Deflation occurs when the general price level for goods and services decreases and the inflation rate falls below 0 percent. In August, the shop price annual growth was below the three-month average rate of 0 percent and remained at its lowest rate since October 2021. BRC Chief Executive Helen Dickinson said that non-food deflation and heavy discounts on summer stock drove down shop prices in August....