UK shop price growth sees slight drop in April 2023: BRC

Non-food inflation decelerated to 5.5 per cent in April, down from 5.9 per cent in March. This is below the 3-month average rate of 5.6 per cent. Inflation remains elevated in this category, the BRC said in a press release.

“Overall shop price inflation eased slightly in April due to heavy spring discounting in clothing, footwear, and furniture. Retailers remain committed to helping their customers and keeping prices as low as possible. The government must also help by minimising the impact of oncoming regulatory burdens as these will hold back investment and ultimately contribute to ongoing high prices for already-squeezed households,” said Helen Dickinson, chief executive of the BRC.

“In recent weeks, more retailers have used loyalty schemes or money off promotions to help stimulate sales. However, with inflation yet to peak and sales volumes in decline in many channels, it’s difficult to second guess the strength of consumer confidence. Given the falls in disposable income we really need to see CPI back into single figures and a slowdown in food inflation to test shoppers’ willingness to spend,” said Mike Watkins, head of retailer and business insight, NielsenIQ.

Fibre2Fashion News Desk (NB)