According to the British Retail Consortium, non-food retail prices actually fell last month driven by discounting.
So, we are seeing the very real impact of the squeeze on household financing driven by BoE policy.
While food prices seem unlikely to drop for climate & supply reasons, across non-food markets its the potential start of a period of deflation... an 'overshoot' by the BoE that will be hidden in 'headline' inflation but will still be a serious economic problem.
