Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
UK shop prices hit a fresh high in February, according to data from BRC-NielsenIQ on Wednesday.
Shop price annual inflation accelerated to 8.4% in February, from 8.0% in January. This was above the three-month average of 7.8% and brought shop price growth to a new record.
Annual food inflation quickened to 14.5% in February, from 13.8% in January, while non-food inflation worsened to 5.3% from 5.1%.
Month-on-month, overall shop price inflation picked up to 0.8% in February, from 0.7% in January.
‘Shop price inflation rose to another record high as retail prices across the board continued to react to the impact of soaring energy bills, higher running costs and tougher trading conditions brought about by the war in Ukraine,’ said Helen Dickinson, chief executive of the British Retail Consortium.
‘While we expect to see the annual inflation rate reduce in the second half of this year, retail prices will remain high over the coming months,’ she continued.
Copyright 2023 Alliance News Ltd. All Rights Reserved.