Inflation fall is step to bring people back to high street, reports Bira

The British Independent Retailers Association (Bira) said inflation fall to 2.3% was a “good” step towards bringing people back to the high street.

30 May, 24

The British Independent Retailers Association (Bira) said the inflation fall to 2.3% was a “good” step towards bringing people back to the high street.

Inflation fall is step to bringing customers back to high street, reports Bira

However, it stressed the Bank of England needs to reduce interest rates too.

According to Bira, the fall in inflation (which is the lowest level in almost three years) means prices are still rising but just at a slower rate.

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It reports energy prices are at the heart of this, as they fell by 27.1% in April

CEO of Bira Andrew Goodacre said: “Inflation has fallen lower than expected and is now only slightly above the Bank of England target of 2%.

“Although the services sector and core inflation has not fallen as much, we hope that the Bank of England will have the confidence to reduce interest rates.

“Reducing interest rates is crucial to fully restoring consumer confidence and bring people back to the high streets,” he said.