Shop price inflation fell in January to its lowest rate since May 2022 as retailers offered heavy discounts to entice customers, figures show.
January’s shop prices eased to 2.9% higher than a year ago, down from 4.3% in December and below the three-month average of 3.9%, according to the British Retail Consortium (BRC)-NielsenIQ Shop Price Index.
Inflation on non-food products fell to 1.3% in January, down from 3.1% in December – the lowest rate since February 2022.
Food inflation also slowed, to 6.1% in January from December’s 6.7%, the ninth consecutive fall and the lowest rate since June 2022.
The BRC said the easing is “good news for the morning brew” as the price of tea and milk fell, while alcohol remained more expensive on the back of increased duties.
Fresh food inflation slowed further to 4.9%, down from 5.4% a month earlier.
