Retail prices returning to normal

May 28, 2024

According to a UK retail industry body, shop prices have returned to "normal levels," as the cost of furniture, televisions, and other non-food items has decreased.

The British Retail Consortium (BRC) reported that prices rose annually to 0.6% in May, down from 0.8% the previous month. The data also revealed that food inflation fell for the thirteenth consecutive month to 3.2%.

Household budgets have been strained as prices surged following the pandemic, compounded by the Ukraine war, which drove up energy costs.

The slowdown in shop price rises was helped by slowing food inflation, with fresh food inflation falling to its lowest level since November 2021.

While food prices have continued to increase, albeit slower according to the BRC, the prices of non-food items have decreased. Retailers have cut prices on furniture, televisions, and audio equipment in anticipation of the Euros football tournament.

Additionally, unusually wet weather has been credited with contributing to the easing of prices.

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