Deflation has been driven by retailers cutting prices to get rid of their summer stock, according to influential retail group.
Retailers slashing prices to get rid of summer stock helped overall shop prices fall into deflation in August for the first time since October 2021, according to an influential retail group.
Shop prices in August were 0.3% lower than a year earlier, the British Retail Consortium -NielsenIQ Shop Price Index found.The survey period covered the first week of August. Helen Dickinson, chief executive of the BRC, said it reflects “retailers discounting heavily to shift their summer stock, particularly for fashion and household goods”.
Fresh food inflation slowed to 1% in August – with fruit, meat and fish seeing the biggest monthly decrease since December 2020, the BRC said.
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