British Retail Consortium says rate fell from 15.7% to 15.4% even as rise in overall shop prices hits fresh high

Prices at U.K. stores in the first week of May were 9% higher on year, a new record high, but food inflation slowed slightly, as lower energy and commodity costs started to ease.

British shop price inflation picked up this month to reach its highest rate since industry records began in 2005, although growth in food prices cooled slightly, a survey showed on Tuesday.

Food inflation fell to 15.4% in the year to May, according to a survey by the British Retail Consortium and Nielsen.