UK shop price inflation rises at slowest pace in almost two years

In the seventh consecutive monthly decline, annual shop price inflation eased to 2.9%, down from 4.3% in December and below the three-month average of 3.9%, according to the British Retail Consortium (BRC)-NielsenIQ Shop Price index. The inflation rate for non-food products dropped to 1.3% in January, a decline from the 3.1% recorded in December. This marked the lowest rate since February 2022. Food inflation also slowed, to 6.1% in January from December's 6.7%, representing the ninth consecutive fall and the lowest rate since June 2022. Fresh food inflation decelerated even more, dro...