Shop prices fall to joint record low in November
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Shop prices fell 2.1% in November as retailers took part in ‘intense’ competition in the build up to Black Friday.
That is according to the latest British Retail Consortium (BRC) and Nielsen Shop Price Index which found the fall was down from a 1.8% fall in October. On a 12-month basis, the index reported shop price deflation of 1.7%.
Non-food deflation, which includes jewellery, accelerated to 3.3% in November from the 2.7% fall in October.
Helen Dickinson, chief executive at the BRC, said: “Shop prices fell by 2.1% last month as a result of retailers continuing to invest in price, intense competition in the run up to Black Friday and lower commodity prices, marking a joint record low for falling prices (with March 2015).
“November also marked the 31st consecutive month of deflation and the 32nd consecutive month of non-food price drops.”
Mike Watkins, head of retailer and business insight at Nielsen, said: “For best part of two years we have had shop price deflation which has helped overall consumer spend remain buoyant, and with consumer confidence back to an all-time high, shoppers are now feeling more optimistic about spending.
“Falling prices across the High Street and food retailers in November will be another welcome boost for shoppers as they plan their Christmas spending.”
