LONDON – Prices in shops across the United Kingdom rose at a record pace in March, especially food prices, said the British Retail Consortium (BRC) on Tuesday.
According to the BRC, prices have yet to peak.
Shop price annual inflation accelerated to a record 8.9 percent in March, the BRC said. This was up from 8.4 percent in February.
Meanwhile, food price inflation soared to 15 percent in March, up from 14.5 percent in February. This is also the highest inflation rate on record in the food category, said the BRC.
Helen Dickinson, BRC”s Chief Executive, warned that although food prices will likely ease in the coming months as the country enters the growing season, “wider inflation is expected to remain high.”
The ongoing cost-of-living crisis has also changed the habits of UK shoppers. “Retailers have seen more visits but less basket spend, as shoppers manage their weekly food bills by shopping little and more often and seeking out the lowest prices,” said Mike Watkins, head of retail and business insight at NielsenIQ.
Last week, official data from the Office for National Statistics showed the Consumer Prices Index unexpectedly rose by 10.4 percent in the 12 months to February, up from 10.1 percent in January.
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