UK inflation has further slowed to 5.2% in October 2023, compared to 6.2% in September, according to data from the British Retail Consortium (BRC) and NielsenIQ.
The figure is behind the three-month average rate of 6.1%.
Food inflation in the UK also eased to 8.8% in October 2023, down from 9.9% the previous month.
This is the sixth consecutive deceleration in the food category and is below the three-month average rate of 10.1%.
BRC data also revealed that inflation on fresh food dropped to 8.3% in October 2023 from 9.6% in September. This is also below the three-month average rate of 9.8%.
Inflation on ambient food decreased to 9.5% over the month, against 10.4% in September.
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This is the lowest rate since October 2022 and is behind the three-month average rate of 10.4%.
Non-food inflation in October 2023 was the lowest since September 2022 at 3.4%. This is below the three-month average rate of 4.2%.
British Retail Consortium chief executive Helen Dickinson stated: “Shop price inflation eased for the fifth consecutive month to its lowest rate since August 2022. Imported goods saw higher levels of inflation due to a weaker pound, still-high producer costs and emerging trade frictions, while prices for some domestically produced foods, such as fruit, were lower compared to last month.
“Retailers have been battling to keep prices down for their customers in the face of rising transport costs, high interest rates and other input costs. To keep inflation heading in the right direction, it is vital that the government does not burden businesses with unnecessary new costs.”
Data from the Confederation of British Industry’s latest monthly distributive trades survey recently revealed that retail sales volumes decreased at a faster pace of -36% in the year to October 2023.