U.K. shop prices decreased for the thirty-first consecutive month in November to mark a joint record low, survey data from the British Retail Consortium and Nielsen showed Wednesday.
Shop prices dropped 2.1 percent year-over-year in November, which was worse than the 1.8 percent decrease in October. The fall equaled a record decline in March.
The decrease in November was largely caused by a 3.3 percent fall in non-food prices, which were dragged down by reductions in clothing, gardening, footwear, electrical goods and hardware prices.
Food prices dropped 0.3 percent annually in November, owing to the overall deflationary environment supported by cheaper oil prices, weaker demand in emerging economies and stronger pound.
BRC Chief Executive Helen Dickinson said the survey period does not cover Black Friday, but it is likely that some retailers were discounting early in November in order to spread consumer spending over a longer period.
The material has been provided by InstaForex Company – www.instaforex.com