UK BRC Shop Price Annual Inflation Lowest Since Dec. 2008

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The British BRC-Nielsen shop price index rose 0.5% year-over-year in July, slower than the 0.7% increase in the previous month, the British Retail Consortium said Wednesday. This was the fourth consecutive month of decline in shop price index.

The shop price inflation was the lowest since December 2008, when there was a cut in VAT, the BRC said.

The food price annual inflation slowed to 3.8% in July from 5.6% in June. At the same time, non-food prices dropped to 1.3% from 1.9% in June.

On a monthly basis, shop price index decreased 0.1% in July, in contrast to a 0.2% increase in the preceding month.

Food prices increased 0.1% in June, slower than the 0.3% growth in the previous month, while non-food prices dropped 0.2%, after rising 0.1% in June.

Stephen Robertson, the BRC Director General said, " Customers are benefiting from the high degree of competition between UK retailers. With some commodity price falls still to filter through, the rate of inflation could yet fall further."

The British BRC-Nielsen shop price index rose 0.5% year-over-year in July, slower than the 0.7% increase in the previous month, the British Retail Consortium said Wednesday. This was the fourth consecutive month of decline in shop price index. (Market News Provided by RTTNews)