Shop prices fall 2% in December
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Overall shop prices fell 2% in December from the 2.1% decline seen in November, according to new data released today.
The latest British Retail Consortium (BRC) and Nielsen Shop Price Index found that non-food shop prices, which includes jewellery, fell by 3% during the month – slightly lower than the 3.3% fall in November. This marked the 33rd consecutive month for non-food price drops.
On a 12-month average basis, the shop price index reported deflation of 1.7%.
Helen Dickinson, chief executive at the BRC, said: “Prices in Britain’s shops have continued to tumble, this month by 2%. For the last two years and eight months, customers have been able to fill their baskets, whether virtual or physical, and pay less for their goods than the year before. “
Mike Watkins, head of retailer and business insight at Nielsen, said that we can expect the current levels of deflation across the retail industry to continue for the first half of 2016.
He added that many non-food retailers will use price cuts and targeted promotions early in the year, to help sell through and to benefit from any wage rises.
