Prices in a range of food and commonly bought goods have fallen during October, according to the latest figures from the British Retail Consortium (BRC).

The BRC puts this drop, which is compared to September prices, down to mid-season sales.

Director general Bill Moyes said: 'October's figures are welcome news for customers as, once again, they can buy at prices lower than they could five years ago.

'The figures are also good news for the Monetary Policy Committee (MPC) as they provide plenty of room for them to make a cut, especially with spending happening at a slower rate. The dangers of inaction are now greater than the dangers of inflation and the MPC should cut interest rates by 0.25 per cent.' Both the food and non-food sector saw prices fall in October, although the non-food sector bore most of the brunt. Food prices fell by 0.1 per cent during October, and non-food items by 0.32 per cent.