UK shop prices dropped by 0.3% in August, primarily due to a 1.5% decrease in non-food products and a 2% increase in food prices.
Shop prices in the UK dropped by 0.3% in August, marking the first annual decline since October 2021. This decrease, driven by a 1.5% reduction in non-food products, was mainly attributed to retailers heavily discounting their summer stock. Food prices rose by 2% but continued to slow down, with the rate of price increases at its lowest since November 2021. The uncertainty around commodity prices due to climate change and geopolitical tensions may result in renewed inflationary pressures in the coming year.
August 26, 2024
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