Furniture retailers were joined by electrical stores in cutting prices in May in the face of lower sales.
According to the Retail Consortium/NielsenIQ prices rose at an annual rate of 0.6% in May, down from 0.8% in April – the slowest pace since November 2021.
‘Shop price inflation has returned to normal levels, at just 0.6%. This was helped by slowing food inflation, with fresh food inflation falling to its lowest level since November 2021. In non-food, retailers cut furniture prices in an attempt to revive subdued consumer demand for big-ticket items, and football fans have been able to grab some bargains on TVs and other audio-visual equipment ahead of this summer’s Euros, says Helen Dickinson, BRC chief executive.