Overall annual inflation in retail prices decreased to 0.6% in May from 0.8% in April, according to data from NielsenIQ and the British Retail Consortium (BRC).
In May, non-food products experienced a decline in inflation from -0.6% to -0.8%.
According to researchers, retailers have been lowering prices in an effort to rekindle the “subdued” demand for expensive goods like TVs and furnishings before Euro 2024.
With food costs rising steadily but more slowly, inflation in this area decreased marginally from 3.4% in April to 3.2% in May.
Biscuits and other ambient items that can be kept at room temperature have persistently high prices.
Higher-than-average rainfall was partially to blame for the 2.3% decline in household purchases of goods and services during the month, according to the Office for National Statistics (ONS).
Helen Dickinson, the chief executive of BRC, stated that additional measures through “future government policy” were required to assist retailers in containing inflation.
“With an election in a matter of weeks, it is vital that parties detail their support for customers and retailers in their upcoming manifestos,” she stated.
NielsenIQ’s Mike Watkins stated: “Food inflation is now stabilizing as retailers continue to lower prices for consumers, following many months of declining input prices.
