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Britain’s Shop Prices Fall Sharply as Non-Essential Retailers Offer Deep Discounts

Shop prices in Britain fell sharply during May as retailers tried to entice consumers by offering deeper discounts, especially on clothing and furniture, amid the coronavirus pandemic-led lockdown. BRC-Nielsen’s shop price index indicate a drop in shop prices by 2.4% during May after falling by 1.7% in the previous month.

Most of the decline in shop prices was driven by retailers of non-essentials who were forced to shutter their businesses during the lockdown and were unable to garner any sales during the period. Shop prices among non-essential retailers fell by 4.6% during May, the steepest decline seen since December 2006. In April, their shop prices had fallen by 3.7%.

Inflation in food prices also marked a decrease during May, falling from 1.8% in April to 1.5%. Prices of fresh foods also rose at a slower pace, from 1% in April to 0.5% during May.

Chief executive at BRC, Helen Dickinson, observes, “Shop prices in May fell at their fastest rate since 2006, which was largely driven by the drop in non-food prices. Year-on-year food prices increased slightly due to higher business costs, implementing social distancing measures and the upward pressure from labour shortages, but were down on the previous month as more home-grown produce became available.”

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Arslan Butt
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Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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