UK shop price annual inflation accelerated to 2.8 per cent in May, up from 2.7 per cent in April, the British Retail Consortium (BRC) recently said. This is above the 12- and six-month average price rises of 0.7 per cent and 1.9 per cent respectively, and marks the highest since July 2011. Retail prices surged further as commodity, energy and transport costs rose, it said.
Non-food inflation decelerated to 2 per cent in May, settling down from 2.2 per cent in April. This is above the 12- and six-month average price increases of 0.2 per cent and 1.3 per cent respectively. Inflation remains close to the series’ high.
“Retailers have been working hard to protect their customers from these rising costs, particularly at a time when households are being impacted by a huge rise in household energy bills,” BRC chief executive Helen Dickinson said in a statement.
UK shop price annual inflation accelerated to 2.8 per cent in May, up from 2.7 per cent in April, the British Retail Consortium said. This is above the 12- and six-month average price rises of 0.7 per cent and 1.9 per cent respectively, and marks the highest since July 2011. Retail prices surged further as commodity, energy and transport costs rose, it said.#
“It is likely to get worse before it gets better for consumers with prices continuing to rise and a further jump in energy costs coming in October. With little sign that the cost burden on retailers will ease any time soon, they will be left with little room for manoeuvre, especially those whose supply chains are affected by lockdowns in China and the war in Ukraine. While many people will welcome the government’s latest announcement of support, uncertainty in the future of energy prices means they may only provide temporary respite,” Dickinson added.
Fibre2Fashion News Desk (DS)
Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.
