UK Retail Prices Drop Faster In October 2014

Retail prices in the UK declined 1.9 percent in October 2014, compared with the same month in 2013, according to the British Royal Consortium. Prices for food products inched up 0.1 percent, compared with a 0.3 percent in September 2014. Grocery stores implemented deep discounting, data showed. Consumers are enjoying low prices, thanks to a decline in global food prices over the past half year, according to Nielsen analyst Mike Watkins. Also, UK's leading supermarkets have been engaged in a growing price war, driven by discount retailers, such as Aldi and Lidl.