UK shop prices continue to soar

UK shop price annual inflation increased to 5.7 per cent in September, up from 5.1 per cent in the previous month.

According to the latest data from the British Retail Consortium (BRC), the figures mark another record for shop price inflation since the organisation started its price index in 2005.

Food prices increased at the highest rate of inflation on record, increasing to 10.6 per cent this month, up from 9.3 per cent in August.

“The war in Ukraine continued to drive up the price of animal feed, fertiliser and vegetable oil, causing fresh food inflation to rise significantly over the past few months, particularly for products such as margarine,” said Helen Dickinson, chief executive, BRC. “While the summer drought diminished some harvests, other produce benefitted from the prolonged sunshine, helping to bring down prices for fruits such as strawberries, blueberries, and tomatoes.

"Non-food inflation also rose, largely driven by DIY, gardening and hardware products which, as heavier items, have been harder hit by rising transport costs.”

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