E Point Perfect

Shop prices rise to their highest level ever as inflation bites

Shop prices jump to highest rate of inflation in almost 17 years
The figures come as UK inflation hit yet another new 40-year high last month
// UK shop prices reach their highest level ever at 4.4% in July, up from 3.1% in June
// British Retail Consortium’s Helen Dickinson admits households and firms “must prepare for a difficult period as inflationary pressures hit home.”

UK shop prices rose to their highest level ever at 4.4% in July, up from 3.1% the month before – their highest rate of inflation in 17 years.

According to the British Retail Consortium, this was the highest rate of shop price inflation since the index first began in 2005, as heightened cost pressures continued to filter through to customers.

Food inflation rose 7% during the month, with butter and cooking fats among those to mark the biggest increases amid the war in Ukraine and rising production costs.


British Retail Consortium chief executive Helen Dickinson said: “Rising production costs – from the price of animal feed and fertiliser to availability of produce, exacerbated by the war in Ukraine – coupled with exorbitant land transport costs, led food prices to rocket to 7%.”

“Some of the biggest rises were seen in dairy products, including lard, cooking fats and butter. Meanwhile, non-food prices were hit by rising shipping prices, production costs and continued disruption in China.”

She added: “As inflation reaches new heights, retailers are doing all they can to absorb as much of these rising costs as possible and to look for efficiencies in their businesses and supply chain.

“With households enduring a cost-of-living crunch, retailers are expanding their value ranges to offer the widest variety of goods to those most in need, providing discounts to vulnerable groups, and raising staff pay. Nevertheless, households and businesses must prepare for a difficult period as inflationary pressures hit home.”

Click here to sign up to Retail Gazette‘s free daily email newsletter

Source link >

Related posts

Ministry of Sound to remix House of Fraser store into gym and offices

Dawn Zuniga

Love Island winner Ekin-Su named as the face of Oh Polly

Dawn Zuniga

Moonpig prioritises greeting card sales as it maintains profit guidance

Dawn Zuniga

Morrisons’ top executive Trevor Strain to exit

Dawn Zuniga

Aldi overtakes Lidl in being the UK’s cheapest supermarket

Dawn Zuniga

Joules calls in KPMG to seek cash lifeline as cost-of-living hits

Dawn Zuniga