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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/retail-inflation-slowed-in-november.jpg"><img class="alignnone size-full" title="Retail inflation slowed for the first time in five months during November" src="http://londonglossy.com/wp-content/uploads/2010/12/min-retail-inflation-slowed-in-november.jpg" alt="Retail inflation slowed for the first time in five months during November"/></a></p>
<p>Retail inflation slowed for the first time in five months during November, but the industry warned of sharp price hikes in the new year.</p>
<p>Shop price inflation fell to 2% in November from 2.2% in October as stores started Christmas sales early, according to figures from the British Retail Consortium (BRC).</p>
<p>Food price inflation unexpectedly eased to 4% in November from a 17-month high of 4.4% in October and non-food inflation slowed from 1.1% to 0.9%.</p>
<p>The drop in inflation was the result of a record level of promotions, with 38% of goods being sold on offer as retailers fought to win sales from cash-strapped consumers, the report showed.</p>
<p>Supermarket giant Tesco on Monday said inflation had slowed by around 0.7% in the 13 weeks to November 27 as it reported a 1.5% like-for-like sales increase.</p>
<p>Inflation is expected to gather pace next year due to a VAT hike to 20% from January 4 and the higher prices of key commodities such as wheat, corn and oil which are still at their highest levels since 2008.</p>
<p>Mike Watkins of Nielsen, which helped compile the BRC survey, said: &#8220;Whilst it is good news for shoppers that the rate of change in shop prices has slowed this month there is still upward pressure from ambient food and non-food price increases are being held due to seasonal price cutting.</p>
<p>&#8220;We remain concerned about the underlying inflationary pressures and the VAT increase in January and whether this impacts the motivation of the already cautious consumer.&#8221;</p>
<p>Fresh food inflation slowed to 2.6%, from 3.4% last month, with fruit prices having dropped to a 13-month low after hitting a 19-month high in October.</p>
<p>However, ambient food prices were 6.1% higher year-on-year, recording their highest increase since June 2009, and oils and spreads saw double-digit price hikes.</p>
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