In June, household furniture prices continued their deflationary trend, albeit at a slower pace compared to previous months. According to data from the Office for National Statistics (ONS), furniture prices decreased by 2%, following larger drops of 2.7% in April and 2.9% in May. This marks the sixth consecutive month of price declines in the sector.
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Garden furniture prices notably plummeted by 19.5% in June, influenced by seasonal factors and retailers' efforts to clear inventory. In contrast, lighting prices experienced a modest increase of 0.9%. The inflation rate for furnishing fabrics and curtains saw a notable uptick from 2.9% to 3.6%, reflecting increased costs in these categories.
Retail prices for flooring also experienced a notable increase in deflation, with prices falling by 0.9%, up from a 0.3% decrease in the previous month, according to ONS data. This marks a significant shift compared to a year ago when prices were rising at 9.1%.
Carpet and rug prices remained relatively stable, while other types of flooring saw deflation accelerate from 1.6% to 4.1%. A year earlier, this sector had an inflation rate of 10.3%, highlighting the current downward pressure on flooring prices in the retail market.
Overall, the furniture market continues to face pricing pressures, driven by seasonal variations and strategic inventory management by retailers. Despite the slight slowdown in the rate of deflation, the persistent decline in furniture prices over the past six months underscores ongoing challenges in the sector.
Source: www.interiorsmonthly.co.uk