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LRC for Jan 2007 - discounting keeps prices down

Feb '07
For the sixth consecutive month, the LRC Shop Price Index (SPI) shows that prices in the capital have increased.

However, the index rose by only 0.01% in January to reach 97.50, far less than the 0.52% rise in December.

The rise in January is the lowest increase since the index began in December 2005. Despite only rising in four of the last 13 months, the index for London remains lower than that of the UK.

The index showed very little change, showing that sales and discounting were evident, with the level of promotional activity seen in December continuing into January. This was restricted to certain sectors, namely clothing and footwear.

Kevin Hawkins, Director, LRC comments: “The Shop Price Index for London showed little change in January compared to December, as the traditional sales period continued. Despite showing a rise in every month since July last year, the index for the capital remains well below that for the UK as a whole."

"As consumers' willingness to spend is likely to be weakened by the recent interest rate increases, price competition across the retail market will continue to deliver exceptionally good value for consumers. Retailers most certainly do not need another rate increase.”

British Retail Consortium

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