British Retail Consortium announces London Shop Price Index for March 2008.
Year-on-Year: In March overall shop price inflation was 1.8% in London signalling thirteen consecutive months of upward price movement. This is the lowest rate of inflation that has been recorded for nine months, yet still higher than overall UK SPI inflation of 1.1%.
Month-on-Month: Month-on-month inflation in March was flat in London a fall from 0.4% reported in February; this is below the UK month-on-month average of 0.2%.
The BRC's Director General, Stephen Robertson, said:
“London's annual shop price inflation continued its downward trend reaching a nine-month low in March. The financial services sector employs a significant part of London's population, so the recent turbulence in the stock market has hit confidence and meant a more cautious attitude to spending.”
Mike Watkins, Senior Manager, Retailer Services, Nielsen comments:
“The slow down in consumer spend on the High Street is being reflected in retailers increasing promotions and working hard to keep non-food prices below those of 2 years ago.”
British Retail Consortium
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