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Shop price inflation hits highest level for five years

The British Retail Consortium and Nielsen have reported on shop price inflation for the month of March.

TOP LINE FIGURES

All Items: 0.9% (% change year-on-year)
Non-Food: 0.0% (% change year-on-year)
Food: 2.5% (% change year-on-year)
Fresh Food: 1.9% (% change year-on-year)
Ambient Food: 3.4% (% change year-on-year)

Helen Dickinson OBE, Chief Executive, British Retail Consortium: 

“March saw Shop Price inflation rise to its highest level in six years, driven primarily by a sharp spike in non-perishable food inflation. Increases in global commodity prices and adverse weather events put upward pressures on the wholesale prices of many foodstuffs which, coupled with rises in the cost of alcoholic and non-alcoholic beverages, pushed food inflation from 1.6% in February to 2.5% in March.

“Nonetheless, the bigger threat to food inflation remains the risks of a chaotic no deal Brexit, which would lead to higher prices and less choice on the shelves. In order to avoid this scenario, parliamentarians from all parties must find a compromise that can command a majority in the House of Commons.”

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

“The upwards pressure on pricing continues across food retailing and a key driver this month was inflation in ambient food and drink. With shoppers looking to stretch their budget for the weekly grocery shop this will not help volume growth, which has been slowing since the start of the year. For many high street fashion, home and outdoor retailers prices are not increasing, so good news for shoppers as the end of season ranges sell through.”

BRC-Nielsen Shop Price Index (SPI) is a monthly measure of UK shop price inflation and 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 provide analysis and wider commentary on retail-specific and economy-wide inflation.

Source : Insight DIY Team


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