Prices in UK shops decline at record pace

Retail figures show average store prices declined at an annual rate of 3.1% last month - the largest drop since records began

Prices in Britain's shops and forecourts declined at a record pace in January, as plunging global oil prices slashed the cost of petrol.

Official retail sales figures, published on Friday, showed average store prices declining at an annual rate of 3.1% last month - the largest drop since records began in 1997.