Source: Sharecast
Shop prices were up 1.0% year-on-year in October, with growth slowing from 1.4% in September, the BRC-NIQ Shop Price Monitor showed.
Non-food prices fell by 0.4%, following a 0.1% fall in September, while food inflation eased to 3.7% from 4.2%, as a pickup in fresh food inflation to 4.3% from 4.1% was offset by a sharp drop in ambient food inflation to 2.9% from 4.2%.
"Easing global sugar prices helped to bring down prices of chocolate and confectionary, a treat for those preparing Halloween parties," said BRC chief executive Helen Dickinson.
"Beyond food, discounts came early to electricals and health and beauty, as retailers started promotions ahead of Black Friday month."
Dickinson said that, ahead of the Budget announced in late-November, the government needs to relieve cost pressures on both consumers and retailers.
"Labour’s promised business rates reform must deliver a meaningful cut to retailers’ rates bills, and ensure that no store pays more. Rising employer National Insurance Contributions and a new packaging tax have directly contributed towards rising inflation, according to the Bank of England. Adding further taxes on retail businesses would inevitably keep inflation higher for longer," she said.
