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Price inflation in UK stores falls to a level last observed in December 2021

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According to data, UK shop price inflation in March reached its lowest point since December 2021 because to declining food prices and retailer rivalry.

Prices were 1.3% higher in March than they were a year earlier, according to the British Retail Consortium (BRC)-NielsenIQ Shop Price Index. This is a decrease from the 2.5% increase in February and a significant decrease from the three-month average of 2.2%.

Food prices decreased for the tenth consecutive month, reaching their lowest position since April 2022. Despite this, they were still 3.7% higher than a year ago—a decrease from 5% in February.

Inflation for fresh food further decreased to 2.6% from 3.4% one month before.

The rate of inflation for non-food items dropped from 1.3% in February to 0.2% in March, the lowest level since January 2022.

“While Easter treats were more expensive than in previous years due to high global cocoa and sugar prices, retailers provided cracking deals on popular chocolates, which led to price falls compared to the previous month,” BRC chief executive Helen Dickinson stated.

“Dairy prices also fell on the month as farm gate prices eased, and retailers worked hard to lower prices for many essentials.

“In non-food, prices of electricals, clothing and footwear fell as retailers increased promotions to entice consumer spending.”

“The slowdown in inflation continues and a key driver this month was a further fall in food prices,” Mike Watkins, head of retailer and business insight at NielsenIQ, said.

“A year ago, food inflation was 15 per cent so this was to be expected.

“But it is also helped by intense competition among the supermarkets as they look to drive footfall, with focused price cuts and promotional offers earlier in the month for Mother’s Day and now again in the weeks leading up to Easter.”

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Dulal Ahmed Chowdhury is the Editor of The Daily Dazzling Dawn. Previously, he has been serving in important positions in all the famous national dailies of the Bangladesh since the nineties. He has played a commendable role in journalism by participating in various events at the national and international levels. United Nations Conference, World Climate Conference, SAARC Summit are notable among them.

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