UK shop price inflation ‘highest since 2024’ as retailers struggle to limit price rises
Source: The Guardian ·
British Retail Consortium says ‘dam is starting to break on the huge wave of costs’ being kept from consumersShop price inflation has risen to the highest level in two and a half years, according to the British Retail Consortium, which warned that “the dam is starting to break” when it comes to retailers trying to limit price rises for customers.The lobby group said shop price inflation was 2.1%…
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Shop price inflation has risen to the highest level in two and a half years, according to the British Retail Consortium, which warned that “the dam is starting to break” when it comes to retailers trying to limit price rises for customers. The lobby group said shop price inflation was 2.1% year on year in October, a sharp rise compared with 1.4% in September, and an indication that retailers were beginning to pass on the rising costs of energy and food ingredients since the Middle East conflict broke out. It said food inflation, which has remained low during the past year, increased this month to 2.9% year on year – against a 2.5% rise in September – putting further pressure on the chancellor, John Healey, before his first budget on Wednesday. Non-food inflation, which includes items such as clothing and footwear, more than doubled in October, from 0.8% to 1.7% year on year. The price of Brent crude oil reached $117 a barrel in recent days, well above the $70 average in the months…