"According to the British Retail Consortium (BRC)-NIQ Shop Price Monitor, food prices have soared to their highest pace in 18-months as the price of eggs, butter and chocolate surges, this is the highest seen since February 2024. The rapid acceleration in price hikes will "add pressure" to households who are already struggling to make ends meet. In the month food inflation jumped to 4.1% as dairy prices are rising which is up from 3.2% in July."
"Shop price inflation hit its highest rate since March last year, fuelled by food price rises. This adds pressure to families already grappling with the cost of living. Retailers continue doing everything they can to limit price rises for households, but as the Bank of England acknowledged, the £7 billion in new costs flowing through from last year's budget has created an uphill battle for retailers."
Food prices rose to their highest pace in 18 months, with food inflation jumping to 4.1% in August, up from 3.2% in July. Eggs, butter, chocolate and other dairy products were major contributors to the increase. Overall consumer price inflation increased by 0.9% in August despite a 0.8% deflation in non-food products. Contributing factors include global supply costs, weather-driven seasonal food inflation, the end of promotional activity linked to recent sporting events, and rising underlying operational costs. Retailers face an uphill battle absorbing new costs, including £7 billion from last year's budget, and households will need to reassess budgets amid rising bills.
Read at London Business News | Londonlovesbusiness.com
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