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Shop price inflation drops to lowest level in nearly two years

New figures have shown that shop price annual inflation has fallen to its lowest level since March 2022 this month. According to the latest British Retail…

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Shop price inflation drops to lowest level in nearly two years

27 February, 2024 | by Angela Beevers

New figures have shown that shop price annual inflation has fallen to its lowest level since March 2022 this month.

According to the latest British Retail Consortium-NielsenIQ Shop Price Index, annual inflation has slowed to 2.5% in February from 2.9% in January.

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While non-food inflation has remained unchanged at 1.3% in February, food inflation eased to 5%, down from 6.1% last month.

Helen Dickinson, BRC chief executive, said: “There was good news for consumers as shop price inflation fell to its lowest rate in nearly two years.

“Food prices fell month-on-month with drops in fresh food including meat, fish and fruit. This was driven by easing input costs for energy and fertiliser while retailers competed fiercely to keep prices down.

“In non-food, inflation for furniture, electricals, and health & beauty products rose, but the price of clothing continued to fall as many retailers kept promotions in place to entice consumer spend.”