Shop price annual inflation accelerated to +2.7% in April, up from +2.1% in March, according to the latest BRC-NielsenIQ Shop Price Index – again, the highest rate of inflation since September 2011.
Non-food inflation accelerated to +2.2%, up from +1.5% in March.
Helen Dickinson OBE, chief executive of the British Retail Consortium (BRC), says: “The impact of rising energy prices and the conflict in Ukraine continued to feed through into April’s retail prices. Non-food products, particularly furniture, electricals and books, have seen the highest rate of inflation since records began. This has been exacerbated by disruption at the world’s largest seaport, following Shanghai’s recent lockdown. Food prices continued to rise, though fresh food inflation slowed as fierce competition between supermarkets resisted price hikes on many everyday essentials.
“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. Retailers will continue to do all they can to keep prices down and deliver value for their customers by limiting price rises and expanding their value ranges, but this will put pressure on them to find cost savings elsewhere. Unfortunately, customers should brace themselves for further price rises and a bumpy road ahead.”