Rising production costs lead to 4.4% rise in UK in-store prices
Store prices have soared since at least July 2005 as the cost of fresh food rose due to higher fertilizer, feed and transportation costs .
Prices were up 4.4% from July last year, up from a 3.1% year-on-year rise in June, according to the latest British Retail Consortium Store Price Index, compiled with market research firm Nielsen IQ.
Fresh food inflation has soared to 8% according to the index, compared to 6.2% a month earlier, the highest rate since March 2009. This contributed to an overall food inflation of 7%.
Helen Dickinson, chief executive of the British Retail Consortium (BRC), a trade body that represents most major retailers, said some of the biggest price rises came with have been seen in dairy products, including lard, cooking fats and butter.
She said: "Households and businesses need to prepare for a period difficult because inflationary pressures are hitting home."
"Rising production costs - from the price of feed and fertilizer to the availability of produce, exacerbated by the war in Ukraine – coupled with exorbitant land transport costs, led to food prices soaring. in the benefits of Universal Credit and rising energy and petrol costs.
A fifth of UK households now have an average shortfall of £60 a week between what they earn and what they need to cover essentials such as energy bills, rent, transportation and food, as the rising cost of living leaves people with the lowest amount of money available in nearly five years, according to Asda Income Tracker data compiled by the Center for Business and Economic Research (Cber) this week.
Buyers are turning to discount stores, ditching brands in favor of supermarket own-label products and cutting back on luxuries such as subscription services and gambling as they try to increase their budget.
Food isn't the only contributor to retail price inflation n.
Non-food prices rose 3% in July last year, according to BRC figures, due to rising food costs shipping and production partly caused by continued disruptions in China due to Covid-related restrictions.
Dickinson said, "As inflation hits new highs, Retailers are doing all they can to absorb as many of these rising costs as possible and to seek efficiencies in their operations and their supply chain. As households endure a cost-of-living crisis, retailers are expanding their price ranges to bring the widest variety of products to those who need it most, offering discounts to vulnerable groups and increasing staff pay. "
Store prices have soared since at least July 2005 as the cost of fresh food rose due to higher fertilizer, feed and transportation costs .
Prices were up 4.4% from July last year, up from a 3.1% year-on-year rise in June, according to the latest British Retail Consortium Store Price Index, compiled with market research firm Nielsen IQ.
Fresh food inflation has soared to 8% according to the index, compared to 6.2% a month earlier, the highest rate since March 2009. This contributed to an overall food inflation of 7%.
Helen Dickinson, chief executive of the British Retail Consortium (BRC), a trade body that represents most major retailers, said some of the biggest price rises came with have been seen in dairy products, including lard, cooking fats and butter.
She said: "Households and businesses need to prepare for a period difficult because inflationary pressures are hitting home."
"Rising production costs - from the price of feed and fertilizer to the availability of produce, exacerbated by the war in Ukraine – coupled with exorbitant land transport costs, led to food prices soaring. in the benefits of Universal Credit and rising energy and petrol costs.
A fifth of UK households now have an average shortfall of £60 a week between what they earn and what they need to cover essentials such as energy bills, rent, transportation and food, as the rising cost of living leaves people with the lowest amount of money available in nearly five years, according to Asda Income Tracker data compiled by the Center for Business and Economic Research (Cber) this week.
Buyers are turning to discount stores, ditching brands in favor of supermarket own-label products and cutting back on luxuries such as subscription services and gambling as they try to increase their budget.
Food isn't the only contributor to retail price inflation n.
Non-food prices rose 3% in July last year, according to BRC figures, due to rising food costs shipping and production partly caused by continued disruptions in China due to Covid-related restrictions.
Dickinson said, "As inflation hits new highs, Retailers are doing all they can to absorb as many of these rising costs as possible and to seek efficiencies in their operations and their supply chain. As households endure a cost-of-living crisis, retailers are expanding their price ranges to bring the widest variety of products to those who need it most, offering discounts to vulnerable groups and increasing staff pay. "
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