The British Retail Consortium stated that store prices in the UK fell by 0.6% in September year-on-year, which marks the largest decline over the past three years, following a 0.3% drop in August. This reflects an easing of inflationary pressure on consumers.
During this period, the deflation rate for non-food prices increased to 2.1%, up from 1.5% in August. However, food inflation rose from 2% to 2.3%, partly due to poor harvests in major agricultural regions, which led to increases in the prices of cooking oil and sugar.
The survey organization indicated that although the easing of price inflation is welcomed by consumers, ongoing geopolitical tensions, climate change, and government-imposed regulatory costs could potentially reverse this price trend.
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