Prices in UK shops fall more slowly in October: BRC
[LONDON] Prices in British shops fell more slowly this month than in September, reflecting the smallest discounting for non-food items since the start of the coronavirus pandemic, figures from the British Retail Consortium showed on Wednesday.
The BRC said its shop price index showed a 1.2 per cent annual fall in prices in October compared with a 1.6 per cent drop in September Food prices rose by an annual 1.2 per cent in both months, but the fall in non-food prices slowed to 2.7 per cent from September's 3.2 per cent.
Official data showed purchases of non-food items exceed pre-pandemic levels last month, but BRC chief executive Helen Dickinson said she expected the squeeze on many retailers'profit margins to continue.
"Given the wider economic context, with stricter restrictions and a possible rise in unemployment, we are likely to see continuing discounts in non-food for months to come," she said.
The BRC also warned prices would rise if Britain failed to secure a zero-tariff trade agreement with the European Union before post-Brexit transition arrangements expire at the end of this year.
REUTERS
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