Battle for customers drives down UK shop inflation
8 months, 2 weeks ago

Battle for customers drives down UK shop inflation

China Daily  

Competition for customers between retailers has played a big part in shop price inflation in the United Kingdom falling to its lowest level in two years, newly published figures have revealed. Food inflation dropped from 5 percent to 3.7 percent, and non-food inflation plummeted down from 1.3 percent to 0.2 percent, as retailers battled to win over customers who have been spending less due to the cost-of-living crisis, leading to hopes that the worst inflationary chapter the country has seen in 40 years could be moving toward a close. "While Easter treats were more expensive than in previous years due to high global cocoa and sugar prices, retailers provided cracking deals on popular chocolates, which led to price falls compared to the previous month," said the BRC's chief executive, Helen Dickinson. In early 2023, the United Kingdom's Prime Minister Rishi Sunak issued five key policy pledges, with one of them being to halve inflation, which was then at 10.7 percent, saying: "I fully expect you to hold my government and I to account on delivering those goals." February's overall inflation rate in the UK was 3.4 percent, down from 4 percent the previous month, and gradually moving toward the long-standing Bank of England target of 2 percent.

History of this topic

U.K. Inflation rises further above Bank of England's target in November
5 days, 19 hours ago
UK inflation increase solidifies expectations interest rates will be kept on hold
5 days, 21 hours ago
Energy costs push UK inflation to 2.3 percent
1 month ago
Grocery inflation rises as supermarket trips hit four-year high
1 month, 1 week ago
A Third of UK Prices Basket Is in Deflation, Analysis Finds
1 month, 2 weeks ago
Interest rate cut ‘nailed on’ after UK inflation falls to three-year low
2 months, 1 week ago
Inflation climbs above Bank of England target in first rise of 2024
4 months, 1 week ago
UK inflation stays at 2% despite surge in hotel prices
5 months ago
UK inflation stays at 2% target in June, leaving rate cut on a 'knife edge'
5 months ago
31%: The surge in food prices irking voters in the UK election
5 months, 3 weeks ago
UK inflation rate back down to 2%
6 months ago
UK inflation at lowest level in 3 yrs
7 months ago
Inflation is down – but good news for homeowners will have to wait
7 months ago
Food inflation eases as price of meat, crumpets and chocolate biscuits fell last month, ONS says
8 months ago
UK inflation falls to lowest level since late 2021 as food prices ease further
8 months ago
Inflation is falling fast – but will the Bank of England move to cut interest rates?
9 months ago
How inflation has hit your shopping basket
10 months, 1 week ago
Inflation ticks UP to 4% in December after rises in tobacco and alcohol prices in surprise blow to hopes of early interest rate cuts - as Jeremy Hunt warns Britain must 'stick to the plan'
11 months ago
Grocery inflation sees fastest monthly drop as households spend all-time high
11 months, 2 weeks ago
UK inflation falls by more than anticipated to 2-year low of 3.9% in November
1 year ago
Retail inflation further eases to four-month low of 4.87%
1 year, 1 month ago
UK inflation falls to 17-month low of 6.8% but unlikely to derail another interest rate rise
1 year, 4 months ago
UK Inflation dips below expectations, reaches 15-month low of 7.9%
1 year, 5 months ago
Food prices drive retail inflation to 3-month high of 4.81%
1 year, 5 months ago
June 2023 inflation quickens to 4.8% as food prices climb
1 year, 5 months ago
Bank boss backs steps to tackle retailers over-charging amid cost crisis
1 year, 5 months ago
Retailers are profiteering from bumped up petrol prices, Andrew Bailey says
1 year, 5 months ago
Ocado announces price cuts to milk and other ‘everyday essentials’
1 year, 5 months ago
UK inflation steady at 8.7% against predictions for modest fall
1 year, 6 months ago
Retail inflation eases to over 2-year low at 4.25% in May
1 year, 6 months ago
Europe sees inflation drop to 6.1%, but real relief for consumers will take months
1 year, 6 months ago
Explained: Why food prices in Europe continue to remain high
1 year, 6 months ago
Shop inflation hits new record as coffee and chocolate prices jump
1 year, 6 months ago
UK inflation falls to lowest level in over a year but food prices keep decline in check
1 year, 6 months ago
Food prices double in the UK as inflation at ‘shockingly high levels’, data shows
1 year, 7 months ago
Food prices set to come back down soon, supermarket chiefs promise
1 year, 7 months ago
UK inflation: Why are food prices rising so much?
1 year, 7 months ago
Inflation falls from peak, but still more than twice the top of the Reserve Bank's target for interest rates
1 year, 7 months ago
UK inflation remains over 10% as food prices rise
1 year, 8 months ago
UK inflation stays at 10% as bread rises at record clip. Here’s why it’s proving hard to beat
1 year, 8 months ago
Consumer inflation eases to 5.66% in March
1 year, 8 months ago
Shoppers turn to multiple supermarkets as grocery inflation reaches record high
1 year, 8 months ago
UK inflation jumps to 10.4%, surprising analysts
1 year, 9 months ago
UK inflation jumps to 10.4%, surprising analysts
1 year, 9 months ago
Retail inflation drops marginally to 6.44 per cent in February
1 year, 9 months ago
UK inflation falls again, raising hopes prices will plunge
1 year, 10 months ago
Retail inflation rises to 3-month high of 6.52% in January
1 year, 10 months ago
Supermarket prices surge and there's more inflation to come, warn analysts
1 year, 11 months ago
‘Must stick to plan to bring down nightmare inflation,’ says UK finance minister Jeremy Hunt
1 year, 11 months ago

Discover Related