U.K. shop prices drop 1%

|By:, SA News Editor

In a sign that inflation pressures are easing in the U.K., shop prices in the country fell 1% year over year in March - their fastest retreat since February of last year - per the British Retail Consortium.

The price drop was "driven by a substantial slowdown in food inflation, which reached its lowest rate for a year," said BRC Chief Executive Helen Dickinson.

"But with further wage increases on the horizon putting upward pressure on prices, consumers will continue to feel the grip on their spending power," said Dickinson.

The U.K. was hit with higher inflation following a Brexit-triggered drop in the pound, and economic growth in the country slowed last year.

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