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Free AccessMNI: UK June Shop Prices Mark 62nd Month of Deflation -- BRC
--UK June Shop Prices Down 0.5% y/y, Following May's 1.1% Decline
LONDON (MNI) - According to data from the British Retail Consortium, UK
shop price deflation eased to 0.5% y/y in June from 1.1% in May. Nevertheless,
shop prices have now registered 62 months of decline. On a monthly basis, the
BRC Shop Price Index (SPI) posted a rise, was up 0.5% on May, when prices had
fallen back by 0.2% m/m.
The softening in the headline annual figure was driven by a 1.6% easing in
non-food prices -- although this was a more moderate drop than the 2.5% decline
seen in May.
Food prices, meanwhile, ticked higher by 1.2% y/y in June, unchanged from
May's growth rate. This result is consistent with the wider picture of steady
food price inflation, amid an environment in which retailers are resorting to
competitive pricing and deals in order to contend with a tough trading
environment.
The SPI covers only a slice of the UK consumer price basket, with the
non-food element of the index covering some of the same ground as core goods
inflation in the official data.
"Food inflation across retail stores is holding at the same level as last
month, which is good news for shoppers and helpful to retailers as the
continuation of summer weather is supporting sales of seasonal fresh foods...
However, pricing in the non food channel is more challenging and after many
months of deflation and recent weaker demand, prices are still lower than a year
ago, " said Mike Watkins, Head of Retailer and Business Insight at Nielsen.
According to Helen Dickenson, Chief Executive of the British Retail
Consortium, food retailers will struggle in the tough trading environment.
"Food shoppers can breathe a sigh of relief with the rate of food inflation
remaining steady and retailers continuing to fight back against a tough trading
environment with competitive pricing and deals," she said.
"For non-food, there's been an easing in deflation largely driven by some
retailers bringing forward the introduction of new ranges this year. This effect
on the index will be temporary and, given the strength of the competitive
pressures in the industry, we're likely to see non-food prices slide further
into deflation in coming months," Dickenson added, noting that the easing in
deflation for non-food prices is likely to be temporary.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
--MNI London Bureau; +44 203 865 3828; email: jai.lakhani@marketnews.com
--MNI London Bureau; +44 207-862-7489; email: ukeditorial@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.