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Shop prices fall for 34th month in a row

Shop prices fell 2% in February, marking the 34th consecutive month of decline.

High Street

High Street

High Street

Non-food deflation remained at 3% for the third consecutive month, the British Retail Consortium (BRC) and Nielsen Shop Price Index have reported.

“Another fall in shop prices was seen in February, down 2% compared with a year ago, and a further fall on the numbers we saw in January as competition in the industry continues apace,” said BRC chief executive Helen Dickinson.

“Within non-food, clothing, footwear, electricals, DIY and books all saw large reductions in prices, while the move back into deflationary territory in the food category confirmed that last month’s marginal rise was just a blip.”

“Getting a larger share of the wallet of shoppers continues to be a challenge for many food and non-food retailers, and competition remains intense on the high street,” said Mike Watkins, head of retailer and business insight at Nielsen. “With uncertain market conditions, offers and discounts are likely to continue for the time being.”

Dickinson added: “With consumer confidence falling back and wage growth remaining subdued, retailers continue to support their customers with prices and promotions to maintain market share in the tough trading environment.”

“Against this backdrop we are asking government to work more collaboratively with us to address business rates and ensure the successful implementation of policy measures, such as the national living wage and the apprenticeships levy.”

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