Food inflation slowed to 1.9% in October 2024. Credit: Stokkete/Shutterstock.

UK shop prices experienced deflation of 0.8% in October 2024 – a decrease from the 0.6% deflation seen in September, according to the British Retail Consortium (BRC) and NielsenIQ. 

This is the lowest annual shop price growth since August 2021. 

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Non-food items remained in deflation at -2.1% for October, consistent with the previous month and below the three-month average rate of -1.9%.  

Inflation for these items is at its lowest rate since March 2021. 

During the month, food inflation also slowed down, reaching 1.9% in October, a drop from 2.3% in September.  

Despite being above the three-month average of 2.1%, this category’s annual rate continues to ease, showing the lowest inflation since November 2021. 

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Within the food category, fresh food inflation decelerated to 1.0% from 1.5% in September, falling below the three-month average of 1.2%.  

Ambient food [items that can safely be stored at room temperature, such as coffee and tinned soup] saw a decrease in inflation to 3.1%, down from September’s 3.3%, staying below the three-month average of 3.3% and marking its lowest point since March 2022. 

BRC chief executive Helen Dickinson stated: “October saw shop prices fall marginally further into deflation for the third consecutive month.  

“Households will welcome the continued easing of price inflation, but this downward trajectory is vulnerable to ongoing geopolitical tensions, the impact of climate change on food supplies, and costs from planned and trailed government regulation.  

“Retail is already paying more than its fair share of taxes compared to other industries. The Chancellor using the [October 2024] Budget to introduce a retail rates corrector (a 20% downward adjustment, to the business rates bills of all retail properties) will allow retailers to continue to offer the best possible prices to customers while also opening shops, protecting jobs and unlocking investment.”