UK shop price inflation hits new high

by IANS |

London, March 29 (IANS) Prices in shops across the UK have increased at a record pace in March, especially food prices, said the British Retail Consortium (BRC).

According to the BRC, prices have yet to peak, reports Xinhua news agency.

Shop price annual inflation accelerated to a record 8.9 per cent in March -- up from 8.4 per cent in February, the BRC said on Tuesday.

Meanwhile, food price inflation soared to 15 per cent in March, up from 14.5 per cent in February.

This is also the highest inflation rate on record in the food category, said the BRC.

Helen Dickinson, BRC's Chief Executive, warned that although food prices will likely ease in the coming months as the country enters the growing season, "wider inflation is expected to remain high".

The ongoing cost-of-living crisis has also changed the habits of UK shoppers.

"Retailers have seen more visits but less basket spend, as shoppers manage their weekly food bills by shopping little and more often and seeking out the lowest prices," said Mike Watkins, head of retail and business insight at NielsenIQ.

Last week, official data from the Office for National Statistics showed the Consumer Prices Index unexpectedly rose by 10.4 per cent in the 12 months to February, up from 10.1 per cent in January.

Latest News
Wrestling mess: IOC condemns police action against wrestlers, urges IOA to protect athletes Thu, Jun 01, 2023, 04:27 PM
Lenovo launches new 'Legion Pro' series of gaming laptops in India Thu, Jun 01, 2023, 04:26 PM
Typhoon Mawar likely to bring torrential rain to Japan's Okinawa Thu, Jun 01, 2023, 04:25 PM
Indo-Canadian charged with laundering bitcoin worth over $24 mn in US Thu, Jun 01, 2023, 04:24 PM
Setback for Ashneer Grover, wife as HC refuses to stay probe against them in BharatPe fraud case Thu, Jun 01, 2023, 04:23 PM
Palaniswami slams Shivakumar over announcement of Mekedatu dam Thu, Jun 01, 2023, 03:51 PM
BJP in UP to focus on 'beneficiaries' again Thu, Jun 01, 2023, 03:29 PM
Moldova presses for quicker EU accession ahead of European summit Thu, Jun 01, 2023, 03:11 PM
Efforts on to make India-Nepal ties 'superhit', says PM Modi Thu, Jun 01, 2023, 02:59 PM
Ather announces new e-scooter '450S' with 3 kWh battery pack Thu, Jun 01, 2023, 02:55 PM
Anti-harassment service Block Party exits Twitter amid API modifications Thu, Jun 01, 2023, 02:52 PM
WTC Final: 'Australian team will be talking about Virat, Pujara', says Ricky Ponting on India's key to success at The Oval Thu, Jun 01, 2023, 02:23 PM
Canada's real GDP grew 0.2% in April Thu, Jun 01, 2023, 02:09 PM
Boys indulge in 'PDA' on scooty in UP district Thu, Jun 01, 2023, 01:58 PM
Security tightened at Delhi borders following SKM's nationwide protest call Thu, Jun 01, 2023, 01:46 PM