High street on the up and prices falling
According to the industry, shop prices were an average of 1.9% below the same month last year. This is the biggest fall in years.
It's all good for people who've been facing price rises overtaking wages, throwing everyone into varying levels of financial despair.
According to the British Retail Consortium (BRC), food prices are rising at 0.3% a year, which apparently is the lowest figure ever seen in the survey.
It claims that, what with discounting, vouchers and general deals, the cost of getting food on the table is actually down. Yeah, but, it really couldn't have continued going up though, eh?
Clothes and shoes were an average of 11.2% cheaper in July than a year ago as clothes shops waged an actual war on each other. All your electrical bits and bobs like tellies, mobile phones, computers and that sort of thing were on average 5% cheaper.
The director general of the BRC, Helen Dickson reckons: "This is great news for households who are benefiting from fierce competition within the industry at a time when disposable incomes remain under pressure. The lowest ever recorded food inflation will be particularly welcomed by the lowest income households who typically spend around a third of their expenditure on food".
"Deep and widespread discounting across the grocery sector is intensifying with prices falling almost one per cent month-on-month – another record jump. After accounting for the use of multi-buys and vouchers, food prices are falling."
It looks set to continue, too, as harvests around the world have been quite good, things are stable, imports are cheaper and all that.
TOPICS: High Street News