UK Shop Price Inflation Eases as Retailers Absorb Rising Costs
Shop price inflation in the UK eased to 1.4% year-on-year in September, down from 1.5% growth in August, according to figures released by the BRC-NIQ shop price index.
Fresh food inflation fell to 2.6%, while ambient food inflation decreased to 2.2% this month.
Helen Dickinson, chief executive of the British Retail Consortium, said that competition between retailers continued to deliver value for shoppers, with promotions bringing down meat and dairy prices.
However, poor harvests across Europe pushed up fruit prices, while high global commodity prices kept chocolate and confectionery prices elevated.
In equity markets, miners Anglo American, Antofagasta, and Glencore rose in tandem with copper prices, while AstraZeneca gained after announcing a $2bn investment in US biopharma Summit Therapeutics.