"The British Retail Consortium (BRC) and NIQ's Shop Price Monitor reported that food prices rose by 4.2 per cent in August, up from 3.5 per cent in July, marking the fastest pace of growth since February 2024. Fresh food prices climbed to 4.1 per cent from 3.2 per cent the previous month, largely due to higher dairy costs, while ambient food inflation - covering packaged and long-life goods - slowed slightly to 4.2 per cent from 5.1 per cent."
"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," she said. "Retailers continue doing everything they can to limit price rises for households, but as the Bank of England acknowledged, the £7bn in new costs flowing through from last year's budget has created an uphill battle for retailers."
Food prices rose by 4.2% in August, up from 3.5% in July, the fastest increase since February 2024. Fresh food inflation climbed to 4.1% from 3.2%, driven largely by higher dairy costs and sharp increases in chocolate, butter and eggs. Ambient food inflation eased to 4.2% from 5.1%, while overall shop price inflation increased to 0.9% as non-food goods prices fell 0.8%. Retailers warn higher prices add pressure to households already facing high living costs. The Bank of England cited April's national insurance rise, supply chain issues and volatile commodity markets as factors. Retail executives expect food and drink inflation could reach 6% unless pressures ease.
Read at Business Matters
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