Inflation is hitting high records

As per the BRC, UK shop price inflation is hitting high records.

As per a survey on Tuesday, although the prices of food have relaxed a bit, inflation has reached its highest level ever since the industry began recording rates in 2005.

After an increase of 8.8% in April, the British Retail Consortium revealed that the prices in retail chains and supermarkets increased by 9.0% in the year to May.

As per measures by the BRC, food price inflation relaxed from 15.7% to 15.4%.

The chief executive of the BRC, Helen Dickinson, stated: “While overall shop price inflation rose slightly in May, households will welcome food inflation beginning to fall. The slow in (food) inflation was largely driven by lower energy and commodity costs starting to filter through to lower prices of some staples including butter, milk, fruit, and fish.”

As per the official data released last week, the annual consumer price inflation, including services and non-shop goods like energy, decreased from 10.1% to 8.7% in April.

Dickinson further added: “While there is reason to believe that food inflation might be peaking, it is vital that (the) government does not hamper this early progress by piling more costs onto retailers and forcing up the cost of goods even further.”

“The biggest risk comes from policies such as the incoming border checks and reforms to packaging recycling fees.”

The data released by the BRC was based on prices that were collected from May 1 to May 7.

- Published By Team Timeswire

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