Lower shop prices boost prospect of Bank of England rate cut

British Retail Consortium says prices falling at fastest rate in three years and are 0.8% lower than a year ago

The chances of a fresh cut in interest rates from the Bank of England next week have been boosted by a report that shows shop prices falling at their fastest pace in more than three years.

The monthly snapshot from the British Retail Consortium showed prices were 0.8% lower this month than in October 2023 - compared to an annual fall of 0.6% in September.