UK Shop Price Inflation Hits Two-Year High After Energy Spike
Prices in British shops rose at the fastest rate in more than two years last month, as the fallout from the Middle East conflict started to filter through to supermarket shelves.
UK shop price inflation has reached a two-year high, according to the British Retail Consortium (BRC). The inflation rate increased to 1.5 per cent in the year to August, up from 0.9 per cent in the year to July. This is the highest level in over two years, as reported by City AM.
The rise in shop price inflation is attributed to the surge in energy and commodity costs filtering through to consumers. Food price inflation also rose to 2.8 per cent from 2.2 per cent in the previous month. According to City AM, this trend may indicate that prices are set to rise higher as the year draws to a close.
The BRC's chief executive, Helen Dickinson, warned that the impact of higher energy prices and commodity costs is beginning to filter through into prices. She also noted that retailers are facing persistently high operating costs, which may limit their ability to absorb further increases without impacting investment, jobs, and prices.
Brief written by urgent.news from Bloomberg, City AM — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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