Shop price annual growth in June 2024 was the lowest since October 2021. Credit: 1000 Words/Shutterstock.

Shop price annual inflation in the UK eased to 0.2% in June 2024, down from 0.6% in May, according to data from the British Retail Consortium (BRC) and NielsenIQ.  

The figure is below the three-month average rate of 0.5% and the lowest since October 2021.  

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During the month, non-food remained in deflation at 1%, a drop from 0.8% in May and below the three-month average rate of 0.8%.  

BRC data also revealed that food inflation in the UK slowed down to 2.5% in June, compared with 3.2% in the preceding month. 

This is the 14th consecutive deceleration in the food category and is below the three-month average rate of 3%. 

Inflation in the fresh food sector also dropped further to 1.5% in June 2024, compared with 2% in May.  

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Ambient food inflation in June decreased to 3.9%, down from 4.8% in May.  

The inflation is the lowest since April 2022 and behind the three-month average rate of 4.5%. 

British Retail Consortium chief executive Helen Dickinson said: “During the height of the cost of living crisis, retailers invested heavily in improving their operations and supply chains to compensate for the impact of global shocks on input costs.  

“This is clearly paying off, with shop prices having risen just 0.2% over the past 12 months. Food inflation is now lower than any time since 2021, helped by falling prices for key products such as butter and coffee. Meanwhile, non-food prices went deeper into deflation as retailers tried to drive sales by discounting. This was particularly true for TVs, with great deals to capitalise on the Euros fever.” 

The UK’s leading food and drink supply chain organisations, including the BRC, have called on political party leaders to prioritise food security policies in their 2024 General Election campaigns.