Here's a quick update (May 2, Retail Gazette):
Shop prices across the UK dropped again in April to mark five years of overall retail prices being in deflationary territory.
According to the British Retail Consortium (BRC) and Nielsen's monthly Shop Price Index, overall shop prices fell one per cent year-on-year in April, matching March's pace of decline and the deepest deflation since February 2017...
Deflation in non-food prices was deeper in April than in March, with prices decreasing at a rate of 2.2 per cent compared to March when prices declined by 1.9 per cent.
We also find a "resistance to higher prices" beyond the United Kingdom.
This is from the May Elliott Wave Financial Forecast:
On April 25, a Bloomberg article noted that while the current period should be the "long awaited" moment when companies can raise consumer prices, in fact they are actually "losing the power to hike prices." As shoppers "become less loyal to brand names than ever before," they've also acclimated to "lower food costs." General Mills' attempted price hike for their Progresso and Yoplait products illustrates "the forces at play." The move hurt sales, as it has for other major brands. "There's no question that the balance of power has shifted," says a consultant to consumer companies. "It's not just big food," reports Bloomberg. Sales of consumer goods ranging from Lysol to Huggies to Kleenex reflect resistance to higher prices. Many economists were thrown off in their first quarter GDP estimates by "Stingy Consumer Spending." It should be the first of many such surprises.
The view of Elliott Wave International is that a global deflationary trend is in its early stages.