China News Service, London, February 27 (Xinhua) Driven by falling food prices, the UK's store price index fell back to its lowest level in nearly two years year-on-year in February.
On February 27, local time, data released by the British Retail Consortium showed that in February 2024, the UK’s store price index fell back to 2.5% year-on-year.
In January, the figure was 2.9%.
The year-on-year decline in the UK's store price index in February was mainly driven by food prices.
In February, the UK shop food price index fell further to 5% from 6.1% in January, while the increase in the non-food price index remained unchanged, and the fresh food price index fell to 3.4% from 4.9% in January.
Helen Dickinson, chief executive of the British Retail Consortium, said lower store prices were good news for British consumers.
But for retailers, challenges remain.
The fall in UK shop price index is broadly in line with the overall downward trend in UK consumer price index.
At the latest monetary policy meeting, the Bank of England predicted that the UK's consumer price index would return to around 2% set by the central bank in the second quarter, but may resume upwards in the second half of this year.
The Ernst & Young Statistics Club, a British economic analysis organization, pointed out in its latest forecast that British inflation is declining faster than previously expected. By May this year, British CPI may be close to the 2% target set by the central bank.
For the whole of 2024, the average inflation in the UK will be around 2.4%.
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