UK BRC shop price index accelerated from 5.1% yoy to 5.7% yoy in August, another record increase since the index began in 2005. Food inflation surged from 9.3% yoy to 10.6% yoy. Non-food inflation also rose from 2.9% yoy to 3.3% yoy.
Helen Dickinson, Chief Executive, British Retail Consortium: “Retailers are battling huge cost pressures from the weak pound, rising energy bills and global commodity prices, high transport costs, a tight labour market and the cumulative burden of government-imposed costs.”
Mike Watkins, Head of Retailer and Business Insight, NielsenIQ: “NielsenIQ data shows that 76% of consumers are saying they expect to be moderately or severely affected by the cost-of-living crisis over the next 3 months, up from 57% in the summer. ”