The price of consumer goods dipped to a seven year low during December as retailers resorted to aggressive discounting to boost Christmas sales, according to data from the British Retail Consortium.
The "deep and widespread" discounting on offer throughout December has taken a sizeable chunk out of retailers' profits, experts said.
Read more: John Lewis & House of Fraser enjoy strong Christmases
High street giant Debenhams last week issued a profits warning after disappointing festive sales forced it to slash price tags,.
Marks & Spencer also rolled out its "Mega Day" on the Saturday before Christmas.
Read more: Debenhams finance chief quits after profit warning
The Democratic presidential candidate may also have shown his cards on his choice of running mate.
The US president also shared a post on Twitter accusing Dr Anthony Fauci of misleading the public over hydroxychloroquine.
Fears over an impending second wave of coronavirus dominates Wednesday’s front pages.