UK shoppers hit with the highest price inflation since 2012


According to the latest figures, UK shoppers suffered the sharpest price increase in nine years as January’s annual inflation surged to 1.5%.

Inflation in January was almost double the 0.8% in December, the highest since December 2012, according to the latest BRC-Nielsen IQ Shop Price Index released on Tuesday.

This figure also exceeds the 12-month average, which decreased by 0.6 and the 6-month average, which increased by 0.1%.

Helen Dickinson, CEO of the UK Retail Consortium, said the rise in prices was caused by a sharp rise in non-food inflation.

“In particular, the demand for furniture and flooring was very high, and rising oil costs led to higher shipping costs, which led to higher prices,” said Dickinson.

Non-food inflation in January rose to 0.9% compared to a 0.2% decline in the previous month, while non-food price changes in 12 and 6 months were -1.3% and -0.4%, respectively. ..

Food prices continued to rise, with inflation rising 2.7%, 0.3 percentage points from December, the highest since October 2013. The average food price growth rates for the 12 and 6 months were 0.5% and 1.1%, respectively.

Dickinson said domestic agricultural products were “affected by poor crops, labor shortages and rising global food prices” and were particularly hit by price increases.

Inflation rates for fresh food slowed slightly in January to 2.9%. This is down from 3% in December and above the average price increases of 0.1% and 1.1% for 12 and 6 months, respectively.

Surrounding food inflation accelerated from 1.7% in December to 2.4% in January. This is above the average price increase of 1.1% and 1.2% for 12 and 6 months, the highest increase since November 2020.

Dickinson predicted that retail prices would continue to rise.

“Rising over-the-counter prices are impacting inflation in the UK and pushing living costs to the forefront of the political agenda. Many households will find it difficult to absorb additional costs. , The same is true for other households, “she said.

“Retailers are working hard to reduce costs, but it’s impossible to protect consumers from future rises. Retail prices will continue to rise as commodity prices, energy prices and shipping costs continue to rise. That is inevitable. “

Soaring living costs “are likely to affect disposable income and discourage consumers from spending,” said Mike Watkins, head of retailers and business insights at Nielsen IQ. I am.

“In this month’s Nielsen IQ survey, nearly half of all households say that the most important concern at the moment is rising living costs,” he said.

“This means that stores need to encourage customers who are in need of cash to continue shopping, and retailers keep price increases as low as possible, despite rising store prices. It corresponds by. “

Lily Chow

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Lily Zhou is a freelance writer who mainly covers the British news of The Epoch Times.