In February, deflation in the retail price of household furniture saw a slight increase, marking a shift in consumer trends. According to data released by the Office for National Statistics (ONS), deflation rose from 1.5% to 1.6% during this period, reflecting a change in the pricing dynamics within the furniture market.
This increase comes against the backdrop of a significant inflation rate of 10.4% recorded in February 2023, indicating a notable shift in consumer purchasing power and market conditions over the past year.
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Moreover, the trend of declining prices extended to garden furniture, with deflation persisting for the fifth month out of the last six. The inflation rate for garden furniture dropped from 0.2% to 0.1% in February, down from 10.8% reported in the same period last year.
However, deflation in the prices of table linen, which had been observed in January at -0.5%, proved to be short-lived as it surged to 1.7% in February, showcasing fluctuations in pricing dynamics within specific furniture categories.
The combined furniture and furnishings rate also saw a marginal decrease in deflation, edging lower from 1.5% to 1.6%, indicating ongoing shifts in consumer preferences and market trends.
On the other hand, the flooring segment saw a disappearance of deflation. The sector witnessed notable changes in pricing dynamics, particularly in the rug category. Higher annual price increases in rugs led to the rapid disappearance of deflation in flooring retail prices in February.
The deflation of 0.5% observed in January for carpets and other floor coverings transformed into inflation of 1.7% during the same period, as reported by ONS data. This shift was attributed to significant price increases in rugs compared to the previous year.
Source: interiorsmonthly.co.uk