Shop price inflation ramps up in November
The British Retail Consortium is predicting a bleak winter for shoppers due to increasing pressure from inflation.
According to the BRC-Nielsen IQ Shop Price Index, shop price annual inflation accelerated to 7.4% in November, up from 6.6% in October, to mark a record high since the index started in 2005.
Food inflation reached 12.4% in the month, up from 11.6% in October, as categories such as meat, eggs and dairy were hit by rising costs relating to energy, animal feed and transport. Coffee prices also shot up.
Meanwhile non-food inflation accelerated to 4.8% in November, up from 4.1% in October.
Helen Dickinson BRC chief executive, said: “Winter looks increasingly bleak as pressures on prices continue unabated.
“While there are signs that cost pressures, and price rises, might start to ease in 2023, Christmas cheer will be dampened this year as households cut back on seasonal spending in order to prioritise the essentials.
“Retailers continue to do all they can to support their customers and ensure everyone can enjoy the festive season by fixing prices of many essentials, offering discounts to vulnerable groups, raising pay for their own people, and expanding their value ranges.”
