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UK shop price inflation races to highest level since 2008 - BRC

Wed, 29th Jun 2022 04:59

(Alliance News) - UK shop price inflation accelerated to a near 14-year high in June, numbers on Wednesday showed.

According to the latest British Retail Consortium-NielsenIQ tracker, the UK shop price index grew 3.1% yearly in June, racing from a 2.8% increase in May.

June's climb was markedly above the 12-month average annual growth rate of 1.0%, highlighting how much inflationary pressures have intensified in recent months. It was also the highest rate of shop price inflation since September 2008.

Annual food inflation quickened to 5.6% in June, from 4.3% in May, to mark the highest rate since 11 years earlier.

Yearly fresh food inflation alone raced to 6.2% in June from 4.5% in May. It was the highest fresh food inflation rate since May 2009.

"Last month households and businesses were hit by the highest rate of inflation since the 1980s as near-record commodity prices in energy, transport and food filtered through the supply chain. Food prices rose sharply, particularly for fresh foods such as cheese, which has been affected by the spiralling costs of fertiliser and animal feed," British Retail Consortium Chief Executive Helen Dickinson commented.

"As households face the biggest real terms cut in income since the at least 1970s and businesses grapple with upstream supply chain costs, retailers remain focused on protecting their customers. Fierce competition means that retailers will continue to absorb as much of these costs pressures as possible and look for efficiencies in their businesses."

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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