Shop price inflation slipped to its lowest level in more than three years this month, research shows.
Over the year to October, shop prices contracted by 0.8 per cent, steeper than September’s annual fall of 0.6 per cent, according to the British Retail Consortium (BRC) and NielsenIQ, a research consultancy. It is the weakest inflation figure since August 2021.
On a monthly basis, shop prices inched up by 0.1 per cent, after a 0.2 per cent fall in September. Food inflation fell to 1.9 per cent annually, the lowest rate since November 2021 and down from 2.3 per cent in September. Non-food prices fell by 2.1 per cent over the year, unchanged from the previous month.
The decline indicates that the official inflation measure could