Coronavirus: Shop prices plummet at sharpest rate since 2017

Empty Oxford Circus

Shop prices fell in April at their steepest rate in over three years, exacerbated by non-food, as retailers grappled with the impact of economic uncertainty on consumer confidence and discretionary spending triggered by coronavirus.

Shop prices fell by 1.7% in April, marking a steeper decline than the 0.8% recorded in March. This is the steepest rate of decline in shop prices since January 2017, according to the BRC-Nielsen Shop Price Index.

The fall was even steeper than the 12- and six- month average decreases of 0.4% and 0.7%, respectively.

Non-food prices fell sharply by 3.7% in April, compared with a decline of 1.9% in March, marking the highest rate of decline since the index began in December 2006.

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