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Shop prices rise for first time in five years

Shop prices rose for the first time in five years in August, the latest figures from the British Retail Consortium (BRC) show.

The BRC-Nielsen Shop Price Index for August found that prices increased by 0.1%, led mainly by a rise in food prices and up from a decrease of 0.3% in July.

Non-food items continue to decline in price, albeit at a lower rate. Food price deflation eased to 1% year-on-year, down from 1.4% in the previous month. On a monthly basis, non-food prices rose by 0.8% in August compared with July.

Helen Dickinson, chief executive of the BRC said: “Despite significant increases in costs in the supply chain, this month’s figures show that retailers are keeping price increases faced by consumers to a minimum.

”However, current inflationary pressures pale in comparison with the potential increases in costs retailers will face in the event the we leave the European Union without a deal. If that does happen, retailers will not be able to shield consumers from price increases.

“The EU and UK negotiating teams must deliver a withdrawal agreement in the coming weeks to avoid the severe consequences that would result from such a cliff-edge scenario next March.”

 

 

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