Big price cuts in the January sales drove shop price inflation down to 2.9 per cent, the lowest level for more than a year. Inflation for non-food items in January came down from 3.1 per cent to 1.3 per cent, which is the lowest level for almost two years. The BRC said the average increase in the price of food came down from 6.7 per cent in December to 6.1 per cent in January. Chief Executive of the BRC, Helen Dickinson, said: 'Some New Year cheer as January shop price inflation slid to its lowest level since May 2022. 'However, consumer demand remains fragile as most households are yet to feel better off after nearly 2 years of inflation.'

Source: Daily Mail January 30, 2024 16:13 UTC