Price rises in shops at lowest for nearly a year

Price rises successful British shops person slowed to their lowest complaint since October but they are inactive significant, caller information shows.

Prices roseate 6.9% successful the twelvemonth to August, down from 8.4% successful July, the British Retail Consortium (BRC) said.

Meat, potatoes and immoderate cooking lipid prices person risen little sharply.

But with atom exports from Ukraine successful jeopardy, a accelerated slowdown successful terms rises is unlikely. Ukraine accounts for astir a 3rd of planetary atom exports.

Up until past month, a woody betwixt Russia and different countries allowed the harmless transition of atom retired of Ukraine, but Russia has present pulled retired of that deal, known arsenic the Black Sea Grain Initiative.

This, combined with India's determination to spot export restrictions connected rice, means determination are present "dark clouds connected the horizon", the BRC said.

The retail commercialized relation besides blamed a emergence successful taxes connected alcohol.

"These figures would person been little inactive had the authorities not accrued intoxicant duties earlier this month," BRC main enforcement Helen Dickinson said.

She said immoderate ingredients successful toiletries and cosmetics had go cheaper, which helped to easiness terms rises successful these categories.

However, ostentation for covering and footwear accrued arsenic the summertime income came to a close.

Ms Dickinson added that determination remained "supply concatenation risks for retailers to navigate".

Soaring nutrient prices person been hitting households hard for much than a year.

The UK's wide ostentation complaint successful July was 6.4%. However, nutrient terms ostentation remains astatine 13.4%.

While that fig has dropped from a March precocious of 19.2%, Huw Pill, main economist astatine the Bank of England, said earlier this period that precocious ostentation rates had been "more agelong lasting than expected".

He added that determination had been "some hiccups" with bringing it down - notably the warfare successful Ukraine and the export of atom retired of the Black Sea.

Global prices for definite commodities were starting to fall, Mr Pill said.

However, helium claimed that immoderate firms, "in the look of uncertainty", had locked successful higher prices erstwhile the warfare archetypal started, which had led to higher prices connected the shelves.