UK shop prices rise at slowest pace since December 2021
LONDON - Prices in British shops rose at the slowest pace in more than two years in March, the British Retail Consortium said on Tuesday, adding to signs that the country's inflation squeeze is now fading fast.
Food prices rose by 3.7%, down from 5.0%, while non-food prices rose by just 0.2%, slowing from a 1.3% increase in February. Investors at the end of last week were putting a roughly 50% chance on the BoE cutting interest rates in June for the first time since the onset of the COVID-19 pandemic. A cut in August was fully priced into interest rate future markets.
"While these figures are good news for consumers, from this month, retailers face significant increased cost pressures that could put progress on bringing down inflation at risk," Dickinson said.
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