- By Faarea Masud & Michael Race
- Business reporters, BBC News
30 January 2024, 00:00 GMT
Updated 30 January 2024, 08:54 GMT
Image source, Getty Images
Image caption,
Slowing prices for tea helped ease inflation in January
Shop prices rose at their slowest rate in more than 18 months in January, according to the latest report from the British Retail Consortium (BRC).
Inflation – the rate at which prices rise – has reached near-record highs in recent times, prompting a cost-of-living crisis.
However, discounts and lower prices for milk and tea saw shop price inflation fall to 2.9%, from 4% in December.
Overall, prices are still going up in the shops but at a slower rate.
On average, food prices are still rising by more than 6% a year.
The BRC, which represents some of the UK’s biggest retailers, said shop price inflation in January was at its lowest level since May 2022.
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