After nearly a year of declining prices, inflation has made a return to the UK furniture sector. According to data from the Office for National Statistics (ONS), household furniture prices rose by 0.5% in October, reversing the 0.7% deflation seen in September. This marks the first rise in furniture prices since December 2023.
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However, some sectors of the furniture industry continued to experience deflation. The flooring retail market continued to experience deflation in October, but the rate of decline showed a significant slowdown, according to ONS data.
The Consumer Price Index (CPI) for carpets and floor coverings recorded a deflation rate of -1.3% in October, an improvement from the -2.5% seen in September. Similarly, carpets and rugs saw a notable shift, with the deflation rate decreasing from -2.9% in September to -1% in October.
However, the trend for smooth floor coverings took a different turn. While prices had seen a slight inflationary increase of 0.2% in September, this reversed to deflation of -1.9% in October. Over the past 12 months, smooth floor coverings have experienced deflation in 10 of those months, reflecting ongoing downward pressure on pricing in this segment.
Garden furniture also continued to experience deflation. Although prices remained lower than the previous year, the deflation rate eased for the sixth consecutive month. In October, the annual rate of deflation for garden furniture was -11.4%, an improvement from September's -12.7%. This is also significantly lower than the deflation rate recorded in April, highlighting a steady reduction in price declines over recent months.
Lighting products followed a similar trend, with deflation persisting but slowing significantly. The annual deflation rate for lighting in October stood at -0.5%, a considerable shift from the -3.9% recorded in September.
Source: www.interiorsmonthly.co.uk