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.
Shoppers benefitted from the fastest drop in prices for seven years during December as high street retailers pushed them down by 0.8%, according to the latest figures.
The British Retail Consortium (BRC) hailed a "double whammy of good news for cash-conscious customers" thanks to a combination of aggressive discounting and a quick slide in prices.
Inflation fell to 1.7% - its lowest for three years - while widespread discounting saw non-food prices fall by 2.3%, according to the BRC and Nielson.
Mike Watkins, head of retail and business insight at Nielsen, said: "This will have brought a festive cheer to shoppers filling their trolleys with food and drink at supermarkets, especially as Christmas fell later this year.
"With the continuation of price cuts and promotions across all of retailing, and with many shoppers holding back on shopping to the last week, there will have been bargains and some great savings for the savvy Christmas shopper."
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