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Latest report of the BRC-Nielsen Shop Price Index (SPI), which is a monthly measure of inflation in shop prices show the index to be in deflationary territory for 30 consecutive month.
The SPI measures changes in the price of 500 of the most commonly bought items. The SPI demonstrates the extent to which retailers contribute to inflation through the pricing of commonly bought goods.
While UK economy is growing at fastest among developed market counterparts in Organization of Economic Cooperation and Development (OECD), inflation has been falling well below Bank of England's (BOE) 2% inflation targets.
- BRC shop price index dropped another -1.8% in October, after declining -1.9% in September.
Analysts are expecting for Bank of England (BOE) to tone down inflation and growth expectation at tomorrow's monetary policy meeting.
Bank of England (BOE) recently softened its stance towards rate hike, suggesting current wage growth not enough to reach 2% inflation target and Governor Carney suggested Bank of England (BOE) rate hike outlook is not a certainty.
Pound however managed to hold its head high, trading at 1.542 against Dollar.
