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Inflation pushed up by non-food price rises

The British Retail Consortium and Nielsen have reported the latest Shop Price Inflation Index (SPI) for May.

The SPI measures changes in the price of 500 of the most commonly bought items. The SPI demonstrates the extent to which retailers contribute to inflation through the pricing of commonly bought goods. The SPI is administered by Nielsen, who collate the data on behalf of the BRC. The BRC provides analysis and wider commentary on retail-specific and economy-wide inflation.

Top Line Figures

ALL ITEMS: +0.8% (% change year-on-year)

NON-FOOD: +0.2% (% change year-on-year)

FOOD: +1.8% (% change year-on-year)

FRESH FOOD: +1.5% (% change year-on-year)

AMBIENT FOOD: +2.1% (% change year-on-year)

Helen Dickinson OBE, Chief Executive, British Retail Consortium: 

“Shop Price growth in May was the second highest inflation rate seen in the last six years, though it remains well below headline inflation. The forces driving inflation continue to play out differently across the industry. The price rises in some Non-Food categories, such as Furniture and Health & Beauty, follow years of deep discounting, while other areas, such as Electrical and Clothing, have seen greater technological disruption and more intense competition, putting downwards pressures on prices. Food inflation continued to slow, though it remains above the 12-month average.

“Rising costs associated with currency depreciation, stockpiling, rising minimum wage and the apprenticeship levy, have all put upwards pressure on prices for a while, and it now appears that retailers cannot absorb them any longer. Therefore, if the Government does not address future cost rises, including spiralling business rates, we may see larger price rises in the future.”

Mike Watkins, Head of Retailer and Business Insight, Nielsen:

“Whilst there are still cost price increases coming through the supply chain, food inflation remains lower than CPI and supermarkets continue to offer price reductions, in particular on seasonal food and drink, which is helping to offset other cost of living increases. Inflation has returned to non food but consumers remain cautious and there is intense competition on the high street. With non food retailers facing uncertain levels of demand, price discounting could quickly return if demand weakens over the next few months.”

Source : Insight DIY Team and BRC-Nielsen

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