UK shop prices ended 63 months of...........>

UK DATA: UK shop prices ended 63 months of deflation in August, rising by 0.1%

y/y, following a 0.3% decline in July, according to data from the British Retail

Consortium (BRC). On a monthly basis, the BRC Shop Price Index (SPI) was up

0.6%, compared to a decline of 0.2% m/m in July. Food price inflation, which

accelerated to 1.9% y/y in August from 1.6% in July, was the key driver of the

headline rise. Both fresh food and ambient food inflation picked up by 0.3pp, to

1.5% and 2.5% y/y respectively. Food prices were stoked by the hot summer

weather as well as the partial pass-through of higher oil and agricultural

product prices seen earlier in the year.

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