According to the British Retail Consortium, annual shop prices in the UK contracted by 0.8% for the year to October, marking the lowest inflation rate since August 2021.
Helen Dickinson of the BRC mentioned, "Households will welcome the easing in price inflation, but this trajectory is vulnerable to geopolitical tensions, climate-related disruptions, and increased regulatory costs."
With stabilising price pressures, expectations are growing for a series of interest rate cuts by the Bank of England, with markets anticipating policy easing at upcoming meetings.
Food inflation has dropped to an annual rate of 1.9%, a decrease from 2.3% the previous month, marking the lowest rate since November 2021.
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