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UK shop prices fall at faster pace as deflation of non-food and food products accelerates, industry group says, although cost pass through looks inevtable ahead..
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UK shop prices declined again in July at a faster pace than in the previous month, Helen Dickinson, OBE, Chief Executive at the BRC said Wednesday. The BRC-Nielsen shop price index fell 1.2% y/y in July, with food deflation slowing to -0.4% and non-food price falling by 1.8%. The report noted that "consumers broadened their spending to include more leisure and travel", which led clothing retailers to continue their summer sales.
However, low prices for consumers cannot continue forever. "Recently, retailers have faced huge cost pressures as a result of rising costs of shipping, haulage and petrol as well as frictions from exiting the EU. The additional paperwork and physical checks on EU imports in October and January may push prices up in the long-term, "especially with additional Brexit checks this autumn," Dickinson added.
Source: BRC-Nielsen Shop Price Index