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UK DATA: BRC-NielsenIQ: Shop Price Data Soft But Impacted by Black Friday Timing

UK DATA
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BRC-NielsenIQ Shop Prices became more deflationary in December at -1.0% Y/Y (vs -0.6%Y/Y in November). However, this was impacted by the timing of Black Friday with the press release noting that this year's print included Cyber Monday and the end of Black Friday sales, whereas last year's period did not include this.

  • The headline series is therefore lower than it otherwise would have been but nevertheless, this was the lowest reading since July 2021 and the fifth consecutive month of deflation. On a monthly basis, Shop Prices were flat (vs 0.2% growth in November).
  • The Non-Food component (most impacted by the survey timing) fell further recording -2.4% Y/Y (down from -1.8% in November) and -0.1% M/M ( down from a rise of 0.2% in November).
  • Food Price Inflation remained stable at 1.8% Y/Y, after moderating every month since April 2023 (with the exception of September 2024). Note ONS Food CPI in November rose to 1.9% Y/Y - the third consecutive month printing higher.
  • Survey Period: 1 to 7 December 2024.
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BRC-NielsenIQ Shop Prices became more deflationary in December at -1.0% Y/Y (vs -0.6%Y/Y in November). However, this was impacted by the timing of Black Friday with the press release noting that this year's print included Cyber Monday and the end of Black Friday sales, whereas last year's period did not include this.

  • The headline series is therefore lower than it otherwise would have been but nevertheless, this was the lowest reading since July 2021 and the fifth consecutive month of deflation. On a monthly basis, Shop Prices were flat (vs 0.2% growth in November).
  • The Non-Food component (most impacted by the survey timing) fell further recording -2.4% Y/Y (down from -1.8% in November) and -0.1% M/M ( down from a rise of 0.2% in November).
  • Food Price Inflation remained stable at 1.8% Y/Y, after moderating every month since April 2023 (with the exception of September 2024). Note ONS Food CPI in November rose to 1.9% Y/Y - the third consecutive month printing higher.
  • Survey Period: 1 to 7 December 2024.
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