UK shop price inflation eases to lowest since August 2022

(Sharecast News) - Shop price inflation fell in October to its lowest level since August 2022, according to figures released on Tuesday.

The British Retail Consortium-NielsenIQ shop price index showed that annual inflation eased to 5.2% from 6.2% in September. This marked the fifth consecutive month of deceleration.

Food inflation eased to 8.8% this month from 9.9% in September, marking the sixth consecutive month of deceleration and hitting the lowest since July 2022.

Fresh food inflation slowed to 8.3% in October from 9.6% in September, while ambient food inflation eased to 9.5% from 10.4%.

Meanwhile, non-food inflation fell from 4.4% to 3.4% - its lowest since September 2022.

BRC chief executive Helen Dickinson said: "Imported goods saw higher levels of inflation due to a weaker pound, still-high producer costs and emerging trade frictions, while prices for some domestically produced foods, such as fruit, were lower compared to last month.

"Prices of children's and baby clothing also fell as retailers continued to support families as the colder weather descended.

"Retailers have been battling to keep prices down for their customers in the face of rising transport costs, high interest rates and other input costs. To keep inflation heading in the right direction, it is vital that the Government does not burden businesses with unnecessary new costs.

"Without immediate action from the Chancellor, retailers have an additional £470m per year on their business rates bill, jeopardising the progress made. Ultimately, it's consumers who would pay the price for the rising rates bill."