Pre-election data shows slowdown in UK shop price growth.

The British Retail Consortium (BRC) has reported a slowdown in UK shop price inflation, with rates dropping to 0.2% in June 2024, the lowest since October 2021. The chief executive of the BRC, Helen Dickinson, stated that higher business expenses drive rising consumer prices and called on the next government to address major cost burdens facing the retail industry. Mike Watkins, head of retailer and business insight at NielsenIQ, predicted that intense competition in the marketplace would keep price increases low throughout the summer. [Extracted from the article]