Shop prices fall at fastest rate since 2006 as Covid-19 hammers sales

Regent Street

Shop prices fell at their fastest rate since 2006 as the coronavirus crisis and non-essential store closures drove struggling retailers to launch big promotions in categories such as clothing and furniture.

Shop prices in May fell 2.4% compared to a 1.7% decline in April, marking the fastest rate since the BRC-Nielsen shop price index began recording data in December 2006.

The fall was also below the 12- and six-month average price decreases of 0.7% and 1.0% respectively. 

The drop in shop prices was largely driven by the sharp decline in non-food categories, which recorded a 4.6% fall in May compared to 3.7% in April. This was also the steepest rate of decline since the index was launched.

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