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Free AccessFood Inflation Down as Currency Effects Subside: BRC/Nielsen
--July Overall Shop Price Inflation -0.4% y/y vs -0.3% y/y in June
By Jamie Satchithanantham
LONDON (MNI) - Overall shop price inflation reduced slightly in July
courtesy of a drop in the growth of food prices, a survey released Wednesday
showed.
The Nielsen British Retail Consortium Overall Shop Price Index slipped 0.5%
on the month, nudging the annual rate of price growth down to -0.4% y/y from
-0.3% in June.
The softening in price growth was observed across both the food and
non-food categories.
Food prices fell 0.2% on the month, enough to move annual price growth down
0.2pp to 1.2% y/y. Despite the fall this is still the third highest food
inflation figure since the January 2014 when it stood at 1.1% y/y.
Within the category, Fresh Food saw prices grow 0.4pp slower in July,
falling to 1.0% y/y, while Ambient Food inflation (goods generally found on shop
shelves) picked up 0.1 percentage points to 1.6% y/y.
Non-food goods declined 0.6pp on the month, taking year-over-year growth
down to -1.5% y/y in July from -1.4% y/y in June.
According to the BRC, the slowdown in food inflation was attributed to a
slowdown in the upward inflationary impact from the currency deprecation on
fresh food, while non-food inflation was being contained by the prices of some
core goods being kept down by retailer competition.
"July saw lower food price inflation than in June, bringing the march of
overall shop prices towards inflationary territory to a halt, for now at least,"
said Helen Dickinson, Chief Executive of the BRC.
"Notwithstanding pressures on shop prices, further increases in inflation
in other areas of the consumer spending basket are likely in coming months. That
will put UK households' already squeezed finances under increasing strain," she
added.
--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.