UK shop price inflation drops to two-year low in March

Lowest since December 2021

UK shop price annual inflation fell to the lowest level since December 2021, according to the British Retail Consortium-NielsenIQ Shop Price index.

Shop price annual inflation eased to 1.3% in March, down from 2.5% in February, making it the first figure below 2% in over two years and below the three-month average of 2.2%. Revised GDP figures confirm UK economy fell into a recession last year On a monthly basis, food prices fell by 0.3%, while non-food prices declined 0.4%. Mike Watkins, head of retailer and business insight at NielsenIQ, said a "key driver" of the slowdown was a fall in food prices, but "intense competition" among retailers also contributed. UK consumer confidence stalls in March Helen Dickinson, CEO of...