The British Retail Consortium's Shop Price Index (SPI) indicates that prices on the high street decreased by 1.1 per cent during July 2003 compared with June. Price decreases were seen in both the food and non-food sectors and the summer sales were seen as the main contributory factor.

Although economic uncertainty has dented consumer confidence, demand for food and drink has been less responsive to change in consumer spending and sales have remained relatively stable. Overall, food prices fell by 0.42 per cent compared with June although this was the first fall since January. Compared to a year ago, food prices have risen by 0.53 per cent.

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