UK food prices and shop price inflation slow in February: survey
Britain’s overall consumer price inflation rate fell to a nearly one-year low of 3 per cent in January
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[LONDON] British store chains raised their prices less quickly last month, offering some respite for consumers grappling with the cost of living, the British Retail Consortium said on Tuesday.
Annual shop price inflation cooled to 1.1 per cent in February, below the 1.5 per cent increase in the 12 months to January but in line with its three-month average, the BRC said.
“Households got some welcome relief in February as shop price inflation eased,” said BRC chief executive Helen Dickinson. “While the direction of travel is promising, prices are still rising, and many consumers remain under pressure.”
Food inflation of 3.5 per cent in annual terms in February was down from 3.9 per cent a month earlier.
Inflation for non-perishable food, like canned items, dropped to the lowest in four years at 2.3 per cent from 3.1 per cent.
Prices for non-food items fell by 0.1 per cent after rising by 0.3 per cent in January.
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New labour market laws could increase retailers’ costs and push up inflation.
The Bank of England is monitoring food prices as it believes they play a significant role in shaping public inflation expectations. Britain’s overall consumer price inflation rate fell to a nearly one-year low of 3 per cent in January.
However, global energy prices surged on Monday due to fighting between the United States, Israel and Iran which could add to inflation if sustained. REUTERS
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