Food inflation reaches another record high
Shop price inflation eased back slightly from record highs last month despite another surge in food prices.
Food prices soared 15.7%, the highest on record, in April to continue pressure on consumer finances, according to the latest BRC-NielsenIQ shop price index.
However, spring discounting at fashion and furniture stores meant wider retail inflation slowed for the month.
The fresh figures reported shop price inflation of 8.8% in April against the same month a year earlier, easing slightly from 8.9% in March.
It came as non-food stores recorded inflation of 5.5% for the month, slipping from 5.9% in March as shops reduced prices in a bid to attract customers.
This fall offset the jump in food inflation to 15.7% from 15% in March.
Fresh food prices increased by a record 17.8% year-on-year for the month, while the price of ambient products, such as tinned goods and other store-cupboard items, increased 12.9%.
Discounts
Helen Dickinson, chief executive of the British Retail Consortium (BRC), said: “Overall shop price inflation eased slightly in April due to heavy spring discounting in clothing, footwear, and furniture.
“However, food prices remained elevated given ongoing cost pressures throughout the supply chain.
“The knock-on effect from increased production and packaging costs meant that ready meals became more expensive and coffee prices were also up due to the high cost of coffee beans, as well as key producer nations exporting less.
“Meanwhile, the price of butter and vegetable oils started to come down as retailers passed on cost savings from further up the supply chain.”
Mr Dickinson added that shoppers “should start to see food prices come down in the coming months” amid reductions in wholesale prices and other costs.
Mike Watkins, head of retailer and business insight at NielsenIQ, said: “In recent weeks, more retailers have used loyalty schemes or money off promotions to help stimulate sales.
“However, with inflation yet to peak and sales volumes in decline in many channels, it’s difficult to second guess the strength of consumer confidence.”
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Everyone should make an effort and live on what they have available in their larders, cupboards, fridges and freezers for as long as they possibly can and not go shopping unless absolutely necessary. Watch the prices in the shops tumble!! These greedy retailers are profiteering on the back of a war on the other side of the world. Greedy barstewards. Same goes for fuel and energy. Leave your cars at home if you can unless using it to travel to work of course. Let’s do a bit of walking and hurt these companies in their pockets where it hurts. We… Read more »
.. without the violence ? Well that brings you right back to placid dociIe UK !
You are spot on about greedy retailers. These crooks have used government indifference and big energy pricing to justify their own raid on people’s incomes.
Now now hdavies, are you instigating violence?
Sadly, many households don’t have that much in the way of spare food in their larder – certainly not enough to hurt retailers in the long run. What’s needed is the establishment of more honest retailers, where there is profit but not excessive profit – some of these have been opened recently. What they may lose in the profit margin intially will soon be made up by ever increasing footfall. We’ve seen increased profit with Aldi and Lidl recently too as a result of this. Excessive greed will always come back to bite you on the arse eventually as people… Read more »