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UK BRC Shop Prices Continue To Fall In March

UK shop prices continued to fall in March, data from the British Retail Consortium showed on Wednesday.

The BRC-Nielsen shop price index fell 0.8 percent, following a 0.6 percent drop in February.

Non-food prices logged a steady decline of 1.9 percent and food inflation slowed to 1.1 percent from 1.6 percent in February. Fresh food inflation eased for the third consecutive month, to 0.4 percent in March.

There are a number of price pressures arising from the coronavirus crisis, Helen Dickinson, chief executive at BRC said.

Food prices, particularly of fresh produce, may be impacted by higher costs on seasonal farm labor, while Non-Food prices will be pushed down by lower demand, Dickinson added.

Dickinson noted that it is likely that the combination of future economic uncertainty and job losses, whether realised or potential, will drive people to reconsider their spending patterns and to save more.

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