July 1, 2022
Shop prices in the UK have risen at their fastest rate in over 14 years as retailers battle rising supply chain costs and a decline in consumer spending, according to data from the British Retail Consortium (BRC).
According to the BRC-NielsenIQ shop pricing index, they increased by 3.1 percent from a year ago in June, up from 2.8 percent in May. This represents the fastest rate of inflation since September 2008.
Fresh food prices increased 6.2 percent over June of last year, driving food inflation to 5.6 percent in June, up from 4.3 percent in May. This is the biggest inflation rate for food since May 2009.
The statistics come after the Office for National Statistics reported that, despite record gasoline costs and skyrocketing food prices, inflation as assessed by the consumer prices index increased from 9 percent in April to 9.1 percent last month, a level unseen since February 1982.
Source: The Guardian
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