Shop prices fall as retailers woo shoppers with summer offers
Shop prices fell in June for the 26th consecutive month albeit at a slower rate, as retailers continue to battle to win over shoppers.
Prices fell by 1.3 per cent on the year, so said the British Retail Consortium (BRC) and Nielsen, from the 1.9 per cent drop for May.
Food prices fell by 0.4 per cent, the lowest deflation rate since February, which the BRC said was the result of an oil price rebound.
The decline in non-food prices also slowed to 1.9 per cent in June from 2.5 per cent in May.
“Retailers continue to use price cuts and promotions to stimulate sales which is helping to maintain shop price deflation, and we see little evidence to suggest that prices will rise in the near future,” Nielsen’s Mike Watkins said.