August prices for goods in UK stores were 0.3% lower than they were a year earlier, according to data from trade association the British Retail Consortium (BRC).
Discounts on summer apparel and other seasonal home products are the cause of the price decrease. Retailers sold reduced items to shift stock as a result of the wet weather and the crisis in the cost of living, according to the BRC.
It noted that because of those conditions, trading had proven challenging for establishments.
Each month, prices have been growing, albeit more slowly. No price decrease has occurred since October 2021.
Even though certain prices are still rising, they are rising more slowly than in prior months.
The rate of food inflation was only 2%. The data indicates that non-food products saw a 1.5% decrease in price this month, translating into an overall 0.3% deflation (price declines).
Due to a fall in supplier costs, fresh food prices—especially those of fruit, meat, and fish—saw their largest monthly decrease since December 2020.
Will the price reductions continue?
Helen Dickinson, the CEO of the BRC, believes that this might not go on.
