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Shop prices rise at fastest rate in over a decade

New figures have shown that shop price annual inflation accelerated to 1.8% in February from 1.5% in January to mark the highest rate since November 2011…. View Article

GENERAL MERCHANDISE

Shop prices rise at fastest rate in over a decade

New figures have shown that shop price annual inflation accelerated to 1.8% in February from 1.5% in January to mark the highest rate since November 2011.

The data from the British Retail Consortium and Nielsen also shows that non-food inflation picked up to 1.3% in the month while food price inflation remained unchanged at 2.7%.

Helen Dickinson, BRC chief executive, said: “Retail prices rose in February at their fastest rate in over a decade. Food inflation remained the key driver behind higher prices, particularly for fresh food which has been impacted by poor harvests, both in the UK and globally. Meanwhile, the increase from last month is a result of rising prices for non-food products, particularly health, beauty and furniture. There is little sign of change, with the Bank of England predicting price rises to continue until at least the spring.”

The figures also show that fresh food inflation accelerated in February to 3.3%, although ambient food inflation slowed to 2%.

The BRC has highlighted how retailers are continuing to face cost pressures from higher shipping rates, labour shortages, commodity price increases and rising energy prices.

Dickinson added: “Retailers are going to great lengths to mitigate against these price rises and support their customers, for example, many supermarkets have expanded their value ranges for food. Unfortunately, there are limits to the costs that retailers can absorb.”

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