Annual shop price inflation for October plummeted to its lowest level since last August, according to the BRC-NielsenIQ shop price index.
Shop prices dropped from 6.2% in September to 5.2% for this month, putting it below the three-month average inflation rate of 6.1%.
Food inflation fell to 8.8% in October, compared to almost 10% in September, while non-food inflation dipped to 3.4%.
Fresh food prices sunk to 8.3% for the current month, compared to 9.6% in September.
Meanwhile, ambient food also dropped to 9.5% for October, down from over 10% the month prior.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
British Retail Consortium CEO Helen Dickinson insisted the Chancellor needed to act now in order to ease inflation.
Dickinson said: “Retailers have been battling to keep prices down for their customers in the face of rising transport costs, high interest rates and other input costs.
“To keep inflation heading in the right direction, it is vital that the Government does not burden businesses with unnecessary new costs”.
She continued: “Without immediate action from the Chancellor, retailers have an additional £470m per year on their business rates bill, jeopardising the progress made. Ultimately, it’s consumers who would pay the price for the rising rates bill”.
Click here to sign up to Retail Gazette‘s free daily email newsletter
Where? The CPI index is made up of a basket of items that change.
For example, in 1998, when the Blair cartel disaster seized control, they got the BoE to “remove” house price data from the inflation basket. Thus, the house price bubble, (Ponzi), was discounted from the inflation data as the relentless pumping of mortgage credit drove up the bubble. But, it never showed in inflation numbers. Remember Gordon, the chap with the most unusual handshake, (YouTube it) seemed to chant, “No more boom and bust”. Then 2008 happened.
The current news on inflation is not trusted and will ONLY be trusted when the basket of goods is ALWAYS disclosed in the number. On the ground, in the real world, we do not see any meaningful shift in the rise of inflation and hold on to your hats, if the Middle East conflict expands, we will see oil surge to levels that will cause mass bed-wetting. Then you will really see commodity inflation to a shocking level.
Please keep an eye on how data is determined.
Obviously your opinion that the last 13 or so years of austerity, corruption, incompetence and cost of living crisis with stagflation the worst growth ever but the highest tax burden. Has in some way been better than the Labour years from 1997 – 2007. When the global financial crisis occurred.
There’s nothing coming down in the supermarkets.
Big lie.