Retail & Wholesale

Food costs fall for first time in eight years after supermarket price war

Food prices were 0.2% lower in November compared with a year ago, according to the latest British Retail Consortium-Nielsen Shop Price Index. It is the first time that food prices have been down across the board since the index began in 2006. The fall is attributed to the supermarket price war and lower food commodity prices. Mike Watkins, head of retail insight at Nielsen, said the figures were good news for shoppers, but did not bode well for retailers hoping for a bumper Christmas. The BRC expects consumer price inflation, which stood at 1.3% in October, to fall in the coming months, calculating that this winter's energy price freeze would reduce inflation by around 0.3%. Separate figures from the Office for National Statistics showed total average household weekly expenditure rose to £517.30 a week last year, up from £501 a week in 2012 and the highest level since 2010.


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