UK retailers raise prices by most since 2024, BRC data shows
The monthly shop price index increased to an annual 1.5% in August from 0.9% in July
British retailers increased prices by the most in over two years in August, according to the British Retail Consortium (BRC). The shop price index rose to an annual 1.5% from 0.9% in July, reaching its highest level since February 2024. Higher energy costs and the AI boom are contributing to the price increases, particularly for processed foods and consumer electronics.
BRC chief executive Helen Dickinson stated that the impact of these cost factors is beginning to affect prices, especially for ambient foods which are often imported and processed. The BRC food price inflation rose to a four-month high of 2.8% in August from 2.2% in July, while non-food inflation reached 0.9% in August from 0.2% in July, its highest since February 2024.
Overall consumer price inflation, measured by the Office for National Statistics, increased to a four-month high of 2.9% in July. The Bank of England anticipates CPI to peak at 3.2% in October and November, with food price inflation reaching 3.5% in December.
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