LONDON, Jan 29 (Reuters) – The rate of decline in prices on the British high street slowed in January, an industry survey showed on Wednesday.

Shop prices fell by 0.3% in annual terms, following a 0.4% drop in December, the British Retail Consortium trade body and market research firm Nielsen said.

“There is no inflationary pressure coming from the high street as shoppers remain nervous about spending and discounting continues for many non-food retailers,” Mike Watkins, head of retailer and business insight at Nielsen, said.

Prices over the previous six months had fallen by an average 0.5% in annual terms.

“Whilst promotions in supermarkets have returned to more normal levels post-Christmas, the sector remains embattled with fierce price competition which looks set to continue,” Watkins added.

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