Shop price inflation in the UK has remained steady at 4.3% in December 2023, according to data from the British Retail Consortium.
This figure is close to that of November 2023 and below the three-month average rate of 4.6%.
Non-food inflation experienced an uptick in December 2023, rising to 3.1% from 2.5% in November, surpassing the three-month average rate of 3.0%. This increase is the first since September 2022.
Food price inflation stood at 6.7% in December, a drop from 7.7% in November. This rate is below the three-month average of 7.7% and marks the eighth consecutive month of deceleration in food prices, reaching its lowest point since June 2022.
In the fresh food category, inflation slowed to 5.4% in December from 6.7% in November, falling below the three-month average of 6.7% and hitting its lowest rate since May 2022.
Ambient food inflation decreased to 8.4% in December, a drop from 9.2% in November and below the three-month average of 9.0%, representing the lowest rate since August 2022.
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British Retail Consortium chief executive Helen Dickinson stated: “Overall shop price inflation remained steady in December. Households did have reason to celebrate as food inflation fell for the eighth consecutive month thanks to retailers’ efforts to bring down prices in the run-up to Christmas.
“There was cause for merriment as prices of wine, port and sherry fell on the month. Non-food products had a more challenging December, with price inflation rising again following retailers’ investment in November Black Friday discounting and ahead of the January sales.”