Year-on-Year: In May the BRC-Nielsen Shop Price Index (SPI) reported annual inflation falling to 1.3% from 1.4% in April. This is the second consecutive month that inflation has slowed down.

Month-on-Month: On a month-on-month basis prices increased 0.5% in May after falling 0.5% in April.

The BRC's Director General, Stephen Robertson, said: “This is the lowest food inflation rate of the year so far. This was largely driven by the biggest fall in fresh food inflation since the index began in December 2006.  

“Food inflation has been falling since March, suggesting that the worst food price rises are behind us. Significant falls in the cost of commodities such as oil, and the pound’s recent stabilisation have helped ease inflationary pressures.

"Big discounts and lower VAT mean non-food goods are cheaper than a year ago for the sixth consecutive month with prices for electricals and clothing dropping most.

“As a result, overall shop price inflation has fallen for the second consecutive month."