By Shop prices rise at the fastest rate in a decade
According to the latest data by the British Retail Consortium (BRC), prices in UK shops rose at their fastest rate in over a decade in February.
Inflation is said to have risen from 1.5% to 1.8% between January and February, the highest rate since November 2011.
The increase is thought to have been driven by fresh food prices.
There has been an increase in the cost of living, fuel, and energy bills.
Speaking to the BBC, Helen Dickinson, Chief Executive of the BRC said:
“Retail prices rose in February at their fastest rate in over a decade. Food inflation remained the key driver behind higher prices, particularly for fresh food which has been impacted by poor harvests, both in the UK and globally.
“The increase from last month is a result of rising prices for non-food products, particularly health, beauty, and furniture. There is little sign of change, with the Bank of England predicting price rises to continue until at least the Spring.”
“Retailers are going to great lengths to mitigate against these price rises and support their customers, for example, many supermarkets have expanded their value ranges for food”.
“Unfortunately there are limits to the costs that retailers can absorb”.
Officials at Tesco warned that the “worst is yet to come.”
