UBS On-Air: Paul Donovan Daily Audio 'Inflation hints'

The UK’s May shop price index showed ongoing non-food deflation, and a slower pace of food price increases as the profit-led inflation episode wanes. Supermarkets’ dual pricing structure (offering preferential discounts to loyalty card holders) seems to be ending. Shop price data includes the discounts, consumer price data does not—and the gap between the two has disappeared.