Retailers cut prices on face of weaker demand

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.

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