Food costs drive UK shop price inflation to highest level since 2008

Up by 3.1% in June

Valeria Martinez
clock • 1 min read

Shop price inflation in the UK accelerated to a near 14-year high in June, powered by a sharp rise in food prices as retailers battle rising supply chain expenses and a decline in consumer spending.

Shop prices were up by 3.1% in June, up from 2.8% in May, the highest rate of inflation since September 2008, powered by 5.6% growth in food prices, according to figures from the latest British Retail Consortium-NielsenIQ tracker. Yearly fresh food inflation alone raced to 6.2% in June versus 4.5% in May — the highest inflation rate since May 2009. It comes after the latest figures from the Office for National Statistics showed that UK inflation rose to 9.1% in May, setting a new 40-year high amid record prices for petrol and the rising cost of food. "Last month households and busi...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

OBR intendeds to reduce these forecasts by between 0.2% and 0.5% because of weakness in the economy and labour market shortages

Britain growth forecast to be downgraded before March impacting Budget

Due to weakness in the economy and labour market shortages

Kathleen Gallagher
clock 25 January 2023 • 1 min read
As part of the Brexit agreement the UK said EU fund regulation would be considered “equivalent” until the end of 2025.

UK raises questions over EU fund regulation suitability post-Brexit

Bank of England governor stressed concerns around money-market funds

Kathleen Gallagher
clock 24 January 2023 • 2 min read
Industry Voice: History suggests dividends can continue to grow

Industry Voice: History suggests dividends can continue to grow

The key is finding the right companies

Aditya Shivram, portfolio manager at Fidelity International
clock 20 January 2023 • 1 min read