The UK has experienced a drop in retail prices for the first time in nearly three years, primarily due to significant discounting in fashion and household goods as retailers aim to clear summer stock.
Helen Dickinson, Chief Executive of the BRC, attributed the price decline to considerable discounting by non-food retailers amid a tough summer affected by poor weather and ongoing cost-of-living challenges.
Food price inflation eased in August, with annual figures dipping to 2% from 2.3% in July, led by fresh food prices falling to the lowest level since December 2020.
Despite the recent declines in pricing, Dickinson urged caution, highlighting uncertainties from climate change and geopolitical tensions that could reignite inflationary pressures in the near future.
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