Many UK households are still “being squeezed” by high prices caused by factors including inflation and the war in Ukraine, the British Retail Consortium (BRC) has said.
The latest CPI inflation figures show that headline inflation is at 10.1 per cent while food inflation stands at 16.7 per cent.
“The cost of food remains elevated, with the ripple effect from the war in Ukraine pushing up the price of food due to the knock-on increases from high fertiliser and energy prices,” said BRC chief executive Helen Dickinson.
The winding down of the festive period has also had an effect as “Christmas discounts faded away”, resulting on more households feeling the pressure in their weekly grocery shop.
According to Dickinson, consumers have been offered some relief during this period, as the prices of petrol and diesel have fallen.
Dickinson added: “In addition, clothing and footwear inflation eased as retailers offered bigger discounts in the January sales.”
The BRC recently released research concluding that retailers were feeling the ‘January blues’, with its study showing that retail sales only increased by 3.9 per cent in January 2023 versus an increase of 11.9 per cent in January 2022.
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Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
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