The British Retail Consortium said annual shop price inflation held at 4.3%, the same as in the 12 months to November and its weakest since June 2022.
The pace of price growth had weakened in each of the previous six months.
Food price inflation cooled to 6.7% but non-food inflation rose to 3.1% after Black Friday discounts in November and as retailers prepared for sales promotions in January, the BRC said.
The Bank of England has paused its run of interest rate increases after 14 consecutive hikes designed to curb a surge in inflation. Governor Andrew Bailey and other top officials have said it is too early to think about cutting borrowing costs.
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