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UK shop price inflation intensified in March, figures on Tuesday showed, with food costs jumping at record pace.
According to the latest British Retail Consortium-NielsenIQ tracker, UK shop price inflation accelerated to 8.9% in March, from 8.4% in February. It takes the inflation rate to a new high, the BRC said.
Non-Food inflation quickened to 5.9% in March, from 5.3% last month.
Food inflation picked up to 15% in March, up from 14.5% in February. Fresh Food inflation accelerated to 17% from 16.3%.
It was the highest-ever rates of inflation for food and fresh food, the BRC said.
‘Shop price inflation has yet to peak. As Easter approaches, the rising cost of sugar coupled with high manufacturing costs left some customers with a sour taste, as price rises for chocolate, sweets and fizzy drinks increased in March. Fruit and vegetable prices also rose as poor harvests in Europe and North Africa worsened availability, and imports became more expensive due to the weakening pound. Some sweeter deals were available in non-food, as retailers offered discounts on home entertainment goods and electrical appliances,’ BRC Chief Executive Helen Dickinson commented.
‘Food price rises will likely ease in the coming months, particularly as we enter the UK growing season, but wider inflation is expected to remain high. Retailers continue to work hard to keep prices, particularly of essentials, as low as possible by expanding value ranges and offering discounts for vulnerable groups.’
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