Intense competition between retailers across the high street has seen shop prices slump by a record level, according to figures released by the British Retail Consortium and Nielsen in the monthly shop price index.
Retail prices fell 2.1 percent in the year to November, compared to a year ago, a joint-low with March this year, and follows a 1.8 percent decline in October. November marks the 31st consecutive month of falling retail prices.
The British Retail Consortium states that non-food prices tumbled by 3.3 percent from 2.7 percent in October, driven by reductions in clothing, footwear, electricals, DIY, gardening, and hardware.
British Retail Consortium chief executive, Helen Dickinson, said: “Although the survey period does not cover Black Friday, it is likely that some retailers were discounting early in November in order to spread consumer spending over a longer period.
Mike Watkins, head of retailer and business insight at Nielsen, added: “For best part of two years we have had shop price deflation which has helped overall consumer spend remain buoyant, and with consumer confidence back to an all-time high, shoppers are now feeling more optimistic about spending. Falling prices across the High Street and food retailers in November will be another welcome boost for shoppers as they plan their Christmas spending.”