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UK retail inflation slows as food prices fall for first time in two years
A supermarket in central Manchester, Britain, Sept. 21, 2023.
Xinhua News Agency | Xinhua News Agency | Getty Images
British shop prices rose by 6.2% on an annual basis in September, down from 6.9% in August and the lowest rate for a year, according to the British Retail Consortium.
Food price inflation cooled to 9.9% from 11.5%, and on a monthly basis prices dipped 0.1% — the first month-on-month decline in over two years.
The fall in prices was predominantly seen in supermarket-brand items as cost-cutting to gain a competitive edge intensified, the BRC found.
The trade body said it expects shop price inflation to continue to fall for the rest of the year, though it noted risks including high interest rates, higher oil prices, product shortages and supply chain issues.
The Bank of England paused interest rate hikes in September after a cooler-than-expected inflation print of 6.7% in August.
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European markets: Here are the opening calls
European markets are expected to open flat to lower Tuesday.
The U.K.’s FTSE 100 index is expected to open 1 point higher at 7,506, Germany’s DAX down 44 points at 15,200, France’s CAC down 22 points at 7,043 and Italy’s FTSE MIB down 34 points at 27,780, according to data from IG.
Turkey and Switzerland will release September inflation data today.
— Holly Ellyatt
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