The British Retail Consortium (BRC) has called on the chancellor to help keep prices low after new figures from the organisation reveal shop price inflation decelerated in October.

The trade association released figures on Tuesday which show that in October shop price annual growth was at its lowest rate since August 2021.

Over the four-week period, shop price deflation reached 0.8 per, down from 0.6 per cent in September.

Ahead of the Autumn Budget, the BRC’s chief executive Helen Dickinson urged Rachel Reeves to introduce a Retail Rates Corrector to cut the tax burden on retailers.

The retail association said that the measure would involve a 20 per cent downwards adjustment to business rates bills of all retail properties, allowing retailers to offer the lowest possible prices.

Dickinson added the move will allow retailers to open shops, protect jobs and unlock investment.

“Households will welcome the continued easing of price inflation, but this downward trajectory is vulnerable to ongoing geopolitical tensions, the impact of climate change on food supplies, and costs from planned and trailed Government regulation,” she said. “Retail is already paying more than its fair share of taxes compared to other industries.”

In September, the BRC said that the retail industry is overtaxed compared to other sectors of the UK economy.

The trade association revealed that retail pays 7.4 per cent of all business taxes – £33 billion – a share 1.5 times greater than its share of the overall economy, which is five per cent GDP.

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