UK Shop Price Inflation Falls to Over 2-Year Low as Retailers Cut Prices to Spur Spending

Inflation in UK shop prices dropped to 1.3% in March, the lowest level in over 2 years, as retailers cut prices to entice consumer spending
Food inflation fell to 3.7% from 5% the previous month due to easing farm gate prices and supermarket promotions
Non-food inflation plunged to 0.2% from 1.3% as retailers increased promotions on electricals, clothing, and footwear
Shoppers spent 2% less in stores in late March than a year earlier as hard-up households cut back, despite more people visiting shops
Retailers warn that minimum wage rises, business rates increases, new border checks and recycling plans could put progress on lowering inflation at risk