Food Prices In August Rose At The Fastest Pace Since 2008 Says The British Retail Consortium Business News

The figure comes from the British Retail Consortium (BRC) and the NielsenIQ index, which blamed the Ukraine war and its effect on the price of animal feed, fertiliser, wheat and vegetable oils. Fresh food prices were 10.5% higher than last August, up from an annual increase of 8% in July, with products such as milk and margarine seeing the biggest gains. Annual shop price inflation also rose to 5.1% in August, from 4.4% in July, and is now the highest since 2005 when the BRC index began. Rising food prices are one of the main drivers of inflation, which rose to 10.1% in the 12 months to July, up from 9.4% in June, according to the Office for National Statistics (ONS). Some analysts believe it could top 18% next year, when more massive energy price hikes are set to kick in. BRC chief executive Helen Dickinson said the outlook was “bleak for both consumers and retailers” but that businesses would support people through “discounts for vulnerable groups, widening price ranges, setting prices of basic items and increasing staff wages’. But he said the placement costs meant “there’s only so much they can shoulder”. “The new Prime Minister will have the opportunity to ease some of the costs on retailers, such as the upcoming rise in business rates, to help retailers do more to help their customers,” Ms Dickinson added. Data earlier this month showed workers had suffered a record fall in real wages, prompting millions of public sector workers to vote in what could be the biggest strike wave since the 1970s. Mike Watkins, head of retailer and business intelligence at NielsenIQ, said: “Inflation continues to accelerate and shoppers are already cautious about how much they spend on groceries, with supermarket volume sales falling in recent months. “We can expect this level of food inflation to be with us for at least another six months, but hopefully some of the input cost pressures in the supply chain will eventually start to ease. “However, with a further fall in disposable incomes coming this autumn as energy costs shoot up again, retail spending will come under pressure in the all-important final quarter of the year.”

title: “Food Prices In August Rose At The Fastest Pace Since 2008 Says The British Retail Consortium Business News Klmat” ShowToc: true date: “2022-11-16” author: “Alice Maldonado”

The figure comes from the British Retail Consortium (BRC) and the NielsenIQ index, which blamed the Ukraine war and its effect on the price of animal feed, fertiliser, wheat and vegetable oils. Fresh food prices were 10.5% higher than last August, up from an annual increase of 8% in July, with products such as milk and margarine seeing the biggest gains. Annual shop price inflation also rose to 5.1% in August, from 4.4% in July, and is now the highest since 2005 when the BRC index began. Rising food prices are one of the main drivers of inflation, which rose to 10.1% in the 12 months to July, up from 9.4% in June, according to the Office for National Statistics (ONS). Some analysts believe it could top 18% next year, when more massive energy price hikes are set to kick in. BRC chief executive Helen Dickinson said the outlook was “bleak for both consumers and retailers” but that businesses would support people through “discounts for vulnerable groups, widening price ranges, setting prices of basic items and increasing staff wages’. But he said the placement costs meant “there’s only so much they can shoulder”. “The new Prime Minister will have the opportunity to ease some of the costs on retailers, such as the upcoming rise in business rates, to help retailers do more to help their customers,” Ms Dickinson added. Data earlier this month showed workers had suffered a record fall in real wages, prompting millions of public sector workers to vote in what could be the biggest strike wave since the 1970s. Mike Watkins, head of retailer and business intelligence at NielsenIQ, said: “Inflation continues to accelerate and shoppers are already cautious about how much they spend on groceries, with supermarket volume sales falling in recent months. “We can expect this level of food inflation to be with us for at least another six months, but hopefully some of the input cost pressures in the supply chain will eventually start to ease. “However, with a further fall in disposable incomes coming this autumn as energy costs shoot up again, retail spending will come under pressure in the all-important final quarter of the year.”

title: “Food Prices In August Rose At The Fastest Pace Since 2008 Says The British Retail Consortium Business News Klmat” ShowToc: true date: “2022-11-30” author: “Ellie Daugherty”

The figure comes from the British Retail Consortium (BRC) and the NielsenIQ index, which blamed the Ukraine war and its effect on the price of animal feed, fertiliser, wheat and vegetable oils. Fresh food prices were 10.5% higher than last August, up from an annual increase of 8% in July, with products such as milk and margarine seeing the biggest gains. Annual shop price inflation also rose to 5.1% in August, from 4.4% in July, and is now the highest since 2005 when the BRC index began. Rising food prices are one of the main drivers of inflation, which rose to 10.1% in the 12 months to July, up from 9.4% in June, according to the Office for National Statistics (ONS). Some analysts believe it could top 18% next year, when more massive energy price hikes are set to kick in. BRC chief executive Helen Dickinson said the outlook was “bleak for both consumers and retailers” but that businesses would support people through “discounts for vulnerable groups, widening price ranges, setting prices of basic items and increasing staff wages’. But he said the placement costs meant “there’s only so much they can shoulder”. “The new Prime Minister will have the opportunity to ease some of the costs on retailers, such as the upcoming rise in business rates, to help retailers do more to help their customers,” Ms Dickinson added. Data earlier this month showed workers had suffered a record fall in real wages, prompting millions of public sector workers to vote in what could be the biggest strike wave since the 1970s. Mike Watkins, head of retailer and business intelligence at NielsenIQ, said: “Inflation continues to accelerate and shoppers are already cautious about how much they spend on groceries, with supermarket volume sales falling in recent months. “We can expect this level of food inflation to be with us for at least another six months, but hopefully some of the input cost pressures in the supply chain will eventually start to ease. “However, with a further fall in disposable incomes coming this autumn as energy costs shoot up again, retail spending will come under pressure in the all-important final quarter of the year.”

title: “Food Prices In August Rose At The Fastest Pace Since 2008 Says The British Retail Consortium Business News Klmat” ShowToc: true date: “2022-12-06” author: “Terry Goss”

The figure comes from the British Retail Consortium (BRC) and the NielsenIQ index, which blamed the Ukraine war and its effect on the price of animal feed, fertiliser, wheat and vegetable oils. Fresh food prices were 10.5% higher than last August, up from an annual increase of 8% in July, with products such as milk and margarine seeing the biggest gains. Annual shop price inflation also rose to 5.1% in August, from 4.4% in July, and is now the highest since 2005 when the BRC index began. Rising food prices are one of the main drivers of inflation, which rose to 10.1% in the 12 months to July, up from 9.4% in June, according to the Office for National Statistics (ONS). Some analysts believe it could top 18% next year, when more massive energy price hikes are set to kick in. BRC chief executive Helen Dickinson said the outlook was “bleak for both consumers and retailers” but that businesses would support people through “discounts for vulnerable groups, widening price ranges, setting prices of basic items and increasing staff wages’. But he said the placement costs meant “there’s only so much they can shoulder”. “The new Prime Minister will have the opportunity to ease some of the costs on retailers, such as the upcoming rise in business rates, to help retailers do more to help their customers,” Ms Dickinson added. Data earlier this month showed workers had suffered a record fall in real wages, prompting millions of public sector workers to vote in what could be the biggest strike wave since the 1970s. Mike Watkins, head of retailer and business intelligence at NielsenIQ, said: “Inflation continues to accelerate and shoppers are already cautious about how much they spend on groceries, with supermarket volume sales falling in recent months. “We can expect this level of food inflation to be with us for at least another six months, but hopefully some of the input cost pressures in the supply chain will eventually start to ease. “However, with a further fall in disposable incomes coming this autumn as energy costs shoot up again, retail spending will come under pressure in the all-important final quarter of the year.”