Shop price inflation in the UK has decreased to its lowest level since March 2022, registering at 2.5% in February 2024, according to data from the British Retail Consortium (BRC). 

The figure is lower than January’s 2.9% and below the three-month average rate of 3.3%. 

In February, non-food inflation remained steady at 1.3%, consistent with January’s figures and falling below the three-month average rate of 2%.  

This was the lowest inflation rate for non-food items since January 2022. 

Food inflation saw a significant decrease to 5.0% in February, down from 6.1% in the previous month.  

The figure is not only below the three-month average of 6.0% but also represents the tenth consecutive month of slowing inflation in the food sector, reaching its lowest point since May 2022. 

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Fresh food inflation continued its downward trend, slowing to 3.4% in February from 4.9% in January.  

This rate is below the three-month average of 4.6% and is the lowest since February 2022. 

Ambient food inflation also decreased to 7.2% in February, a decline from 7.7% in January and behind the three-month average of 7.8%. 

British Retail Consortium chief executive Helen Dickinson said: “There was good news for consumers as shop price inflation fell to its lowest rate in nearly two years. Food prices fell month-on-month with drops in fresh food including meat, fish and fruit. 

“This was driven by easing input costs for energy and fertiliser while retailers competed fiercely to keep prices down. In non-food, inflation for furniture, electricals and health and beauty products rose, but the price of clothing continued to fall as many retailers kept promotions in place to entice consumer spend.” 

This month, data from the BRC revealed that total UK retail sales rose by just 1.2% year on year in January 2024, down from the 4.2% growth in January 2023.