UK shop prices show biggest fall since January 2017 - BRC

British shop prices fell by 1.1 percent in year-on-year terms - the biggest drop since January 2017 compared to a 1 percent drop in April, the survey released by British Retail Consortium (BRC) showed. 

Meanwhile, prices of non-food items fell .5 percent in year-on-year terms in May - the biggest drop since August 2016. Meanwhile, prices of food items rose to 1.2 percent from 1.0 percent in April. 

"While food inflation has increased this month as the weather, oil price and other geopolitical factors have influenced global agricultural markets, we expect overall prices to fall in the coming months," BRC chief executive Helen Dickinson said, according to Reuters News.