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Rainy weather keeping consumers away from retailers in UK
18
Jul '12
Price-cutting by retailers has brought Consumer Price Inflation (CPI) down to its lowest level for two and a half years, the latest Government figures show.

Statistics out from the Office for National Statistics (ONS) put CPI at 2.4 per cent, down from 2.8 per cent in May. The ONS reports the largest downward pressures came from falls in the cost of clothing and footwear, as well as from food and transport. This reflects the high levels of promotional activity across the retail sector, partly driven by poor demand for summer fashions because of the wash-out summer.

British Retail Consortium Director General, Stephen Robertson, said: "Intense competition between retailers means deep discounting on the high street has become a regular sight. The dismal summer weather, including the wettest June on record, has forced retailers into even more promotional activity in an effort to spark consumer interest in summer clothing and footwear.

"Falling commodity and energy costs are easing pressure on food prices and retailers are rushing to pass this on to consumers. Real disposable incomes are still dropping, meaning pressure on household budgets remains intense, but this welcome news on inflation gives us some hope the balance may be shifting in consumers' and retailers' favour."

British Retail Consortium

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