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Financial News: UK BRC Shop Price Inflation At Record High

UK BRC Shop Price Inflation At Record High

07/27/2022 - 05:51:00 (RTTNews)

(RTTNews) - UK shop prices increased the most since records began in 2005 amid cost of living crisis, the British Retail Consortium said on Wednesday.

Shop prices grew 4.4 percent on a yearly basis in July, faster than the 3.1 percent increase posted in June. This was the biggest annual growth since the index began in 2005.

Rising production costs, exacerbated by the war in Ukraine coupled with exorbitant land transport costs, led food prices to rocket to 7 percent.

Meanwhile, non-food prices were hit by rising shipping prices, production costs and continued disruption in China, said Helen Dickinson, chief executive at BRC, said.

Mike Watkins, Head of Retailer and Business Insight, NielsenIQ said consumers' household budgets are coming under increasing strain and shelf price increases in both food and non-food have accelerated in recent weeks as more cost prices increases come through the supply chains.

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