UK shop price inflation hits new high – data

Food costs alone surged 15% from a year ago, the British Retail Consortium says

UK shop price inflation hits new high – data
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Annual inflation in UK shops surged to its highest in at least 18 years in March, Reuters reported on Tuesday, citing data from the British Retail Consortium (BRC).

According to the report, overall shop price inflation jumped to 8.9% from 8.4% in February, which was the largest increase since the BRC started tracking the indicator in 2005.

The rise was largely driven by food prices, which soared 15% from a year ago. The figure correlates with official data released last week, which showed that food and non-alcoholic drinks inflation rose to 18%, the highest since 1977.

According to BRC CEO Helen Dickinson, the rising prices for sugar were a major driver of inflation in March, while fruit and vegetable prices also surged due to poor harvests in Europe and North Africa, as well as the weakening pound, which made imports more costly.

Read more here: https://www.rt.com/business/573731-uk-shop-price-inflation-new-high/