New research suggests that shop prices have fallen at the fastest rate in 6 years.
Shop prices are 0.2% lower now, than in previous years according to the British Retail Consortium’s Shop Price Index.
Many of us spend our weekends trawling through town, buying toiletries, food and even luxury items.
While we sometimes spend time debating with ourselves over the price of a bottle of shampoo, we never really stop to notice if the price is cheaper now in 2013, than it has been in previous years. In actual fact, according to the British Retail Consortium’s Shop Price Index, shop prices are down by 0.2%, and while you may not notice the reduction, it is in fact the lowest shop prices the UK has seen in six years.
Despite the fact that we’re seeing a price reduction in non-food items, food inflation has soared. According to the British Retail Consortium, food inflation has risen 2.7% year on year in June, compared to 2.4% in May due to the rise in cost for fresh food.
“Our figures show retail has delivered improving sales growth since the start of the year, suggesting that people are starting to spend more, and our shop price index also demonstrates that prices are down, inflation is not coming from the high street, and there are great deals to be had. Other good news comes in the form of jobs, especially with retail being such a large youth employer. Our latest figures show retailers are employing more people and investing in opening more stores. Retail is now exceptionally well placed to help drive the UK’s economic recovery and so let’s take advantage of this by keeping helpful monetary policy measures, such as low interest rates, and building on the momentum gained in recent months.” said Helen Dickinson, director general of the BRC.
Have you noticed a difference in high street prices? Have you been cutting back spending? Comment using our comments box below.