British Retail Consortium data for UK shop price inflation, its dropped to its lowest in a year at 6.2% y/y
- prior 6.9%
- 6.2% is the lowest since September of 2022
Via Reuters:
- "We expect shop price inflation to continue to fall over the rest of the year," BRC Chief Executive Helen Dickinson said. "However there are still many risks to this trend – high interest rates, climbing oil prices, global shortages of sugar, as well as the supply chain disruption from the war in Ukraine."
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The BRC's shop price inflation measure is used as an early guide to official UK CPI data. These numbers will be welcomed by the Bank of England Monetary Policy Committee, which paused rate hikes last month after 14 consecutive increases. Nevertheless, the Bank signlaled 'high for longer' is the outlook.
