Discounts on rise for fifth month in row as shops bid to boost sales
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Concerned: Helen Dickinson CONSUMERS have seen the fifth consecutive month of falling shop prices as struggling retailers deepen their discounting to stimulate sales.
Overall prices were down 0.4% on this time last year, with nonfood prices falling by 1.5%, well below the 12-month average decline of 0.7%, according to the BRC-Nielsen Shop Price Index.
While food inflation accelerated to 1.6% from 1.1% during September, it was still slightly below the 12-month average price increase of 1.7%.
British Retail Consortium chief executive Helen Dickinson said: “The year has seen relatively weak sales and retailers hope that Black Friday and Christmas will reverse this trend.
“Rising global food prices and the higher oil prices from earlier this year will increase costs for retailers.
“These factors come as the industry struggles with the burden of public policy costs, such as business rates, which are weighing heavily on the industry and keeping margins at record lows.
“Furthermore, while the threat of a no-deal Brexit has been pushed back, it hasn’t gone away.
“To remove this threat, and the price rises that would result, the Government must secure an agreement with the EU as soon as possible and give consumers and retailers the certainty that they need.”
Mike Watkins, head of retailer and business insight at Nielsen, added: “With an uncertain economic outlook at the start of the golden quarter, the industry has been working hard to stimulate demand and keep price increases as low as possible.
“Seasonal ranges are now in store and we can expect an increase in promotional activity.”