Shop price inflation falls to lowest level since November 2021

According to the latest figures from the British Retail Consortium and NielsenIQ, shop price annual inflation eased to 0.6% in May, its lowest level since November 2021, down from April's 0.8%. Hotter than expected UK inflation dampens June rate cut hopes Food inflation fell to 3.2% from 3.4%, its thirteenth consecutive decline, while non-food inflation remained in deflation, falling further to -0.8%, down from 0.6% in April, its lowest level since October 2021. Within food inflation, fresh food hit 2%, down from 2.4%, while ambient food inflation remained higher at 4.8% although t...