UK consumers can expect more opportunities to bag a bargain via safe shopping online or on the high street thanks to the fact that the latest figures from the British Retail Consortium show that prices dropped 0.3 per cent last month, following on from an even steeper fall in December last year.

The annual average has seen prices remain effectively flat, but it seems that outlets are eager to encourage spending at a time when shoppers are still being cautious with their cash across the country.

There was an even steeper dip in prices across non-food products of 1.5 per cent over the course of January, which again is greater than the average when taken across the year as a whole. Meanwhile, there was a small 1.6 uptick in food prices, showing that inflation is still applying to edible goods.

Study spokesperson Helen Dickinson said that it was certainly a time for consumers to celebrate, especially if they were in the position to spend their hard- earned cash. She also pointed out that the downward trend in non-food pricing was likely to continue for the coming months, especially as retailers are expected to still struggle to stimulate sales in the aftermath of Brexit.

Dickinson said that in terms of food pricing, the UK is still one of the more affordable parts of Europe, in spite of the inflation that has been reported in this category.

Meanwhile, the high street will continue to face tricky times ahead due to a combination of consumer cautiousness and the rising costs associated with operating bricks and mortar stores. This means that price cuts will hurt firms all the more, even if they are essential to keep people coming through the doors. This is not as much of an issue for online outlets, even if discounting is still important.