Annual shop price inflation for October plummeted to its lowest level since last August, according to the BRC-NielsenIQ shop price index.
Shop prices dropped from 6.2% in September to 5.2% for this month, putting it below the three-month average inflation rate of 6.1%.
Food inflation fell to 8.8% in October, compared to almost 10% in September, while non-food inflation dipped to 3.4%.
Fresh food prices sunk to 8.3% for the current month, compared to 9.6% in September.
Meanwhile, ambient food also dropped to 9.5% for October, down from over 10% the month prior.
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British Retail Consortium CEO Helen Dickinson insisted the Chancellor needed to act now in order to ease inflation.
Dickinson said: “Retailers have been battling to keep prices down for their customers in the face of rising transport costs, high interest rates and other input costs.
“To keep inflation heading in the right direction, it is vital that the Government does not burden businesses with unnecessary new costs”.
She continued: “Without immediate action from the Chancellor, retailers have an additional £470m per year on their business rates bill, jeopardising the progress made. Ultimately, it’s consumers who would pay the price for the rising rates bill”.
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