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Discounting drove prices down in August

The decline in clothing and footwear prices accelerated in August as retailers continued to discount heavily in an attempt to shift stock.

Prices fell on average 5.4% year on year – an increase on the 4.9% fall in July – the British Retail Consortium-Nielsen Shop Price Index has revealed.

The drop is the steepest of any category in the index, including electricals, health and beauty, and furniture. 

“Consumer confidence continues to increase but many shoppers are still unable or unwilling to spend freely, so retailers are continuing to offer high levels of promotions and price cuts,” said Mike Watkins, head of retailer and business insight at Nielsen. 

“The underlying trend is for price deflation across both food and non-food retail and, with shoppers now back from summer holidays, we can expect some good deals and attractive pricing for shoppers over the next few weeks.“

Helen Dickinson director general of the British Retail Consortium noted that August marked the 29th month of falling non-food prices. 

“Clothing retailers discounted heavily in an attempt to shift stock with prices falling on average by 5.4%.

“A relatively benign economic environment and a fiercely competitive market will see retailers continue to respond to their customers with prices and promotions to maintain market share.”

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