The FTSE 100 (
UKX.L) and European stocks boradly declined on Tuesday 28th May 2024 as UK shop price increases returned to normal levels, according to data from the British Retail Consortium (BRC) and research firm NielsenIQ.
Prices rose at an annual rate of 0.6% in May, down from 0.8% in April. The data also revealed that food inflation fell for the thirteenth consecutive month to 3.2%.
"This was aided by a slowdown in food inflation, with fresh food inflation dropping to its lowest level since November 2021," said Helen Dickinson, chief executive of the BRC.
"However, ambient food inflation remained persistent, particularly for sugary products which continued to be affected by high global sugar prices. In the non-food sector, retailers reduced furniture prices to stimulate subdued consumer demand for big-ticket items, and football fans fo ...
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