FX.co ★ UK BRC Shop Prices Decline In January

UK BRC Shop Prices Decline In January

UK shop prices declined further in January, data from the British Retail Consortium showed Wednesday.

Shop prices decreased 2.2 percent year-on-year in January, after a 1.8 percent drop in the previous month.

Amid post-Christmas sales and the national lockdown, non-food prices fell 3.6 percent annually. At the same time, food prices grew 0.2 percent, the slowest pace in four years.

"Brexit-related red tape, rising global shipping costs and food commodity prices, as well as the weight of forced closures and restrictions for many retail businesses, means that pricing pressures are stacking up for retailers," Helen Dickinson, chief executive at BRC, said.

"Looking ahead, we can expect some turbulence in shop prices as the industry navigates through the impact of the EU trade deal, the increasing pressure on disposable incomes, and the uncertainty of when non essential retail can fully reopen," Mike Watkins, Head of Retailer and Business Insight, Nielsen, said.

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