"Overall shop price inflation slowed in October, driven by fierce competition amongst retailers and widespread discounting. While food inflation remains high, especially for fresh food where prices continued to rise, it eased for ambient goods. Easing global sugar prices helped to bring down prices of chocolate and confectionary, a treat for those preparing Halloween parties. Beyond food, discounts came early to electricals and health & beauty, as retailers started promotions ahead of Black Friday month."
"The IMF recently warned that UK inflation will be the highest in the G7. With the Budget less than a month away, the Chancellor has an opportunity to relieve some of the pressures that are keeping the cost of essentials high. Labour's promised business rates reform must deliver a meaningful cut to retailers' rates bills, and ensure that no store pays more."
Shop price inflation fell to 1.0% year‑on‑year between 1–7 October, down from 1.4% in September and below the three‑month average of 1.1%. Non‑Food inflation declined to -0.4% year‑on‑year, matching its three‑month average. Food inflation eased to 3.7% from 4.2%; Fresh Food inflation rose to 4.3% while Ambient Food inflation fell to 2.9%. Price moves reflected fierce retailer competition, widespread discounting, easing global sugar prices that lowered chocolate and confectionery costs, and early promotions on electricals and health & beauty. The IMF warned UK inflation may be highest in the G7, and business rates, employer NICs, and packaging taxes were cited as inflation drivers.
Read at London Business News | Londonlovesbusiness.com
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