The British Independent Retailers Association has said recent figures from the BRC-Nielsen Shop Price Index are encouraging for retailers.
Speaking about the report, which can be downloaded here, BIRA, which works with over 6,000 independent businesses of all sizes across the UK, said the figures were encouraging and that retailers were ‘doing their bit’ to grow consumer confidence.
Also reported:
- Shop Price annual inflation eased to 2.5% in February, down from 2.9% in January. This is below the 3-month average rate of 3.3%. Shop price annual growth is its lowest since March 2022.
- Non-Food inflation was unchanged at 1.3% in February. This is below the 3-month average rate of 2.0%. Inflation is its lowest since January 2022.
- Food inflation decelerated to 5.0% in February, down from 6.1% in January. This is below the 3-month average rate of 6.0% and is the tenth consecutive deceleration in the food category. Inflation is its lowest since May 2022. Fresh Food inflation slowed further in February, to 3.4%, down from 4.9% in January. This is below the 3-month average rate of 4.6%. Inflation is its lowest since February 2022.
Andrew Goodacre, BIRA CEO said:
It is encouraging to see further rates of decline in inflation across food and non-food. I believe this reflects retailers continuing to discount in order to maintain consumer spending. With retailers doing their bit to grow consumer confidence, we hope that the Chancellor uses his budget on March 6 to do the same. We need a budget that will focus on economic growth and boost consumer confidence. We also need the Bank of England to adopt a similar approach and start to reduce interest rates.”
