LONDON (UK) – According to an industry survey, prices in shops in the UK registered a fall in June. This came as retailers tried to woo customers amid the coronavirus scare. However, the drop in prices was smaller compared to May.
In annual terms, prices registered a drop of 1.6% after a 2.4% drop in May. It was the biggest drop since 2006, according to the British Retail Consortium trade body and Nielsen.
While prices of non-food items dipped by 3.4%, food inflation was steady at 1.5%.
Helen Dickinson, BRC chief executive, said, “Consumers have benefited as shop prices have fallen for the 13th consecutive month. However, the situation for many retailers, such as those in clothing and footwear, remains very challenging.”
The UK’s inflation rate dropped to 0.5% in May, its lowest in four years. According to Bank of England Deputy Governor Ben Broadbent, it could go below zero in the coming months. .
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field