Independent Retailers Association says inflation figures are encouraging.

Recent figures from the BRC-Nielsen Shop Price Index are encouraging for 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 that retailers were 'doing their bit' to grow consumer confidence.
 

Also reported:

• Shop Price annual inflation eased to 2.5% in February, down from 2.9% in January. This is below the 3-month average rate of 3.3%. Shop price annual growth is its lowest since March 2022.
• Non-Food inflation was unchanged at 1.3% in February. This is below the 3-month average rate of 2.0%. Inflation is its lowest since January 2022.
• Food inflation decelerated to 5.0% in February, down from 6.1% in January. This is below the 3-month average rate of 6.0% and is the tenth consecutive deceleration in the food category. Inflation is its lowest since May 2022.
• Fresh Food inflation slowed further in February, to 3.4%, down from 4.9% in January. This is below the 3-month average rate of 4.6%. Inflation is its lowest since February 2022.
• Ambient Food inflation decelerated to 7.2% in February, down from 7.7% in January. This is below the 3-month average rate of 7.8% and is the lowest since July 2022.

Andrew Goodacre, BIRA CEO said: "It is encouraging to see further rates of decline in inflation across food and non-food. I believe this reflects retailers continuing to discount in order to maintain consumer spending. With retailers doing their bit to grow consumer confidence, we hope that the Chancellor uses his budget on March 6 to do the same. We need a budget that will focus on economic growth and boost consumer confidence. We also need the Bank of England to adopt a similar approach and start to reduce interest rates."

Bira is at the forefront of championing the cause of independent traders and shopkeepers across Britain. With a dedicated focus on revitalising and preserving the high street, we relentlessly campaign on their behalf. Our advocacy takes our collective voice to the halls of Parliament and into discussions with key stakeholders, where we represent the interests of small and independent businesses.

Our campaigns cover a wide spectrum of issues crucial to the success of independent traders. From combatting the rising tide of retail crime to advocating for changes in legislation that promote fairness and flexibility, we aim to leave no stone unturned. Bira is a staunch advocate for fairer business rates and reducing the regulatory burden that can stifle small businesses' growth potential. Through our efforts, we strive to ensure that the heartbeat of our communities, the high street, continues to thrive and serve as a vibrant hub for local businesses.