Inflation & Prices
UK Shop Prices Fall for First Time in Almost Three Years
- Retailers were forced to cut prices in August, trade body says
- Consumers are still cautious on spending after high inflation
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Prices in Britain’s shops have fallen for the first time in almost three years, as Bank of England policymakers mull further interest rate cuts.
Retail prices dropped 0.3% from Aug. 1 to Aug. 7 from a year earlier, according to a report Tuesday by the British Retail Consortium. That’s a sharp slowdown from the 0.2% rise in July.