Shop price inflation in UK hit its highest level since 2008| MENAFN.COM

Sunday, 07 August 2022 10:12 GMT

Shop price inflation in UK hit its highest level since 2008


(MENAFN) In June, shop price inflation in the United Kingdom reached its highest level since 2008, driven by a steep rise in the cost of perishable foods. The British Retail Consortium BRC-NielsenIQ store pricing index figures, which The Guardian used to make its story on Wednesday, indicated that this was triggered by rising supply-chain costs and a drop in consumer expenditure.

This month, store costs soared by 3.1 percent year over year, up from 2.8 percent in May. As a result of the " spiraling costs of fertilizer and animal feed," food inflation rose to 5.6 percent in June from 4.3 percent the prior month. Perishable food costs also surged by 6.2 percent when in comparsion to last year's numbers, which was the biggest growth rate since May 2009.

The BRC numbers come in the wake of the most recent United Kingdom Office for National Statistics data, which revealed that overall United Kingdom inflation jumped to 9.1 percent in May, a 40-year high amid record gasoline costs and soaring food prices.

According to Mike Watkins, head of retailer and business intelligence at NielsenIQ, the scenario would probably push United Kingdom customers to alter their shopping patterns.

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