Retailers are having to slash prices in order to entice cost-conscious shoppers through their doors, figures from the British Retail Consortium (BRC) show.

According to the BRC, non-food items fell in value by three per cent in the 12 months to February, the fastest annual rate of decline ever recorded by the organisation, which started indexing prices in December 2006.

Food inflation slowed to 1.1 per cent over the year, down from 1.5 per cent in January and, once again, the lowest figure seen by the BRC.

Helen Dickinson, BRC director general, said: "This is the fastest fall seen in prices which are 1.4 per cent down overall in February.

“It is also the longest sustained period of price decreases we have witnessed, now ten months in a row. There are especially good deals available at the moment in clothing, electricals, books and stationery.”