Bira says inflation figures show promise for future.

The British Independent Retailers Association has said recent figures from the BRC-Nielsen Shop Price Index show promise for struggling retailers.

Speaking about the report, which can be downloaded here, BIRA, which works with over 6,000 independent businesses of all sizes across the UK, said the figures were encouraging and show that retailers are 'doing their bit' to keep prices low.
 

Also reported:
 

• Shop Price annual inflation decelerated further to 5.2% in October, down from 6.2% in September. This is below the 3-month average rate of 6.1%. Shop price growth is at its lowest since August 2022.
• Non-Food inflation fell to 3.4% in October, down from 4.4% in September. This is below the 3-month average rate of 4.2%. Inflation is its lowest since September 2022.
• Food inflation decelerated to 8.8% in October, down from 9.9% in September. This is below the 3-month average rate of 10.1% and is the sixth consecutive deceleration in the food category. Inflation is its lowest since July 2022.
• Fresh Food inflation slowed further in October, to 8.3%, down from 9.6% in September. This is below the 3-month average rate of 9.8% and inflation in this category remains elevated. Inflation is its lowest since July 2022.
• Ambient Food inflation decelerated to 9.5% in October, down from 10.4% in September. This is below the 3-month average rate of 10.4% and is the lowest since October 2022.

Andrew Goodacre, BIRA CEO said: "These inflation figures are encouraging and they show that retailers are doing their bit in keeping prices low. They also show a lack of demand on the high street with retailers already discounting heavily in this ‘golden quarter’. I hope that the figures encourage the Bank of England to hold interest rates again. This should increase consumer confidence and encourage expenditure on the high streets without any risk of inflation increasing as a result."