Inflation Slows But Price Increases Loom
For the first time in five months, retail inflation slowed down but sharp prices hikes are expected after the new year.
Shop price inflation fell from 2.2 percent in October to 2 percent in November, with stores starting Christmas promotions earlier than usual.
38 percent of items being sold were part of a promotion, as retailers battled to gain sales from customers.
Fresh food inflation fell from 3.4 percent to 2.6 percent with fruit prices hitting a 13 month low.
Whilst the news has been greeted with encouragement, there is a widespread expectation of inflation increases shortly.
Mike Watkins, who was involved in the collation of the figures said: “Whilst it is good news for shoppers that the rate of change in shop prices has slowed this month there is still upward pressure from ambient food and non food price increases are being held to seasonal price cutting.”
“We remain concerned about the underlying inflationary pressures and the VAT increase in January and whether this impacts the motivation of the already cautious consumer.”
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
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Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
