// Shop prices in April saw the sharpest rise since September 2011
// Furniture, electricals and books saw the highest rate of inflation since records began
Shop price inflation rose to its highest rate since September 2011 last month with furniture, electricals and books seeing the sharpest rise in prices since records began.
Overall prices were up 2.7% year on year in April, up from the 2.1% recorded in March, according to the BRC-Nielsen IQ Shop Price Index.
This is significantly ahead of the 12 month average of 0.4% and the six month average of 1.5%.
A perfect storm of rising energy prices, the conflict in Ukraine and supply chain disruption has contributed to rocketing inflation.
Food prices jumped 3.5% in April, up from 3.3% in March, and was the highest rise since March 2013.
Prices in non-food rose 2.2%, from 1.5% in March, the highest rate since data was recorded in 2006.
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British Retail Consortium chief executive Helen Dickinson OBE said: “Global food prices have reached record highs, seeing a 13% rise on last month alone, and even higher for cooking oils and cereals.
“As these costs filter through the supply chain, they will place further upward pressure on UK food prices in the coming months.”
Dickinson said that although retailers would do what they can to keep prices down, they could not stop the tide of rising inflation.
“Unfortunately, customers should brace themselves for further price rises and a bumpy road ahead,” she said.
NielsenIQ head of retailer and business insight Mike Watkins concurred: “Inflation shows no signs of abating and the increase in non-food prices is an extra challenge for the high street as fragile consumer confidence and rising living costs are likely to negatively affect consumer spending.
“With food retailing no longer immune to these pressures, supermarkets are reacting by cutting the prices of some everyday grocery products including private label to help limit shop price inflation.”
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