Latest news with #MikeWatkins
Fashion Network
29-07-2025
- Business
- Fashion Network
UK shop price inflation moves up, but fashion prices stay negative
UK shop price inflation rose year on year in July, continuing an upwards trend that could dent consumer spending overall. Shop price inflation increased to 0.7% year on year in July, against growth of 0.4% in June. This is above the three-month average of 0.3%. And even though non-food categories are still in deflation, the deficit there is narrowing and getting closer to moving upwards. The numbers of Tuesday from the newly renamed BRC-NIQ Shop Price Monitor showed non-food prices falling by 1% in July against a year earlier, which was a smaller drop that the 1.2% fall seen in June. In fact, the three-month average was also at 1.2%. The biggest impact on UK prices was food, however, and it rose 4%, which was higher than the 3.7% jump in June and the 3.5% three-month average. And of course, with prices of essentials continuing to rise noticeably, it means consumers are more likely to leave non-food non-essentials like fashion and beauty on the shelves. It's possibly that fact that's keeping non-food prices low as retailers compete for custom in a tough market. Helen Dickinson, chief executive of the BRC, said: 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month. Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices. There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes." And Mike Watkins, head of retailer and business insight at NIQ, added: 'Consumers' household budgets are coming under pressure with the food retailers now seeing price increases above CPI. However, price competition helped by promotional activity will still mean that shoppers can save money by shopping around. With inflation on the up, high street retailers will also be concerned about customer retention over the summer holiday season if they are to maintain sales momentum.'
Fashion Network
29-07-2025
- Business
- Fashion Network
UK shop price inflation moves up, but fashion prices stay negative
UK shop price inflation rose year on year in July, continuing an upwards trend that could dent consumer spending overall. Shop price inflation increased to 0.7% year on year in July, against growth of 0.4% in June. This is above the three-month average of 0.3%. And even though non-food categories are still in deflation, the deficit there is narrowing and getting closer to moving upwards. The numbers of Tuesday from the newly renamed BRC-NIQ Shop Price Monitor showed non-food prices falling by 1% in July against a year earlier, which was a smaller drop that the 1.2% fall seen in June. In fact, the three-month average was also at 1.2%. The biggest impact on UK prices was food, however, and it rose 4%, which was higher than the 3.7% jump in June and the 3.5% three-month average. And of course, with prices of essentials continuing to rise noticeably, it means consumers are more likely to leave non-food non-essentials like fashion and beauty on the shelves. It's possibly that fact that's keeping non-food prices low as retailers compete for custom in a tough market. Helen Dickinson, chief executive of the BRC, said: 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month. Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices. There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes." And Mike Watkins, head of retailer and business insight at NIQ, added: 'Consumers' household budgets are coming under pressure with the food retailers now seeing price increases above CPI. However, price competition helped by promotional activity will still mean that shoppers can save money by shopping around. With inflation on the up, high street retailers will also be concerned about customer retention over the summer holiday season if they are to maintain sales momentum.'
STV News
29-07-2025
- Business
- STV News
Surging meat and tea prices drive food price inflation up for sixth month
Surging meat and tea prices sent food price inflation up for the sixth consecutive month in July, latest figures show. Food prices are now 4% higher than a year ago, up from 3.7% in June and the three-month average of 3.5%, according to the British Retail Consortium (BRC)-NIQ Shop Price Monitor. Fresh food inflation held steady at 3.2%, but ambient food prices jumped to 5.1% higher than last June, up from last month's 4.3%. Overall shop price inflation increased to 0.7% from 0.4% in June, and up from the three-month average of 0.3%. BRC chief executive Helen Dickinson said: 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month. 'Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. 'This has helped push up overall shop prices. There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes.' Mike Watkins, head of retailer and business insight at NIQ, said: 'Consumers' household budgets are coming under pressure with the food retailers now seeing price increases above CPI (Consumer Price Index). 'However, price competition helped by promotional activity will still mean that shoppers can save money by shopping around. 'With inflation on the up, high street retailers will also be concerned about customer retention over the summer holiday season if they are to maintain sales momentum.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
South Wales Argus
29-07-2025
- Business
- South Wales Argus
Surging meat and tea prices drive food price inflation up for sixth month
Food prices are now 4% higher than a year ago, up from 3.7% in June and the three-month average of 3.5%, according to the British Retail Consortium (BRC)-NIQ Shop Price Monitor. Fresh food inflation held steady at 3.2%, but ambient food prices jumped to 5.1% higher than last June, up from last month's 4.3%. Overall shop price inflation increased to 0.7% from June's 0.4% in June, and up from from the three-month average of 0.3%. Source: BRC BRC chief executive Helen Dickinson said: 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month. 'Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. 'This has helped push up overall shop prices. There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes.' Mike Watkins, head of retailer and business insight at NIQ, said: 'Consumers' household budgets are coming under pressure with the food retailers now seeing price increases above CPI (Consumer Price Index). 'However, price competition helped by promotional activity will still mean that shoppers can save money by shopping around. 'With inflation on the up, high street retailers will also be concerned about customer retention over the summer holiday season if they are to maintain sales momentum.'
North Wales Chronicle
29-07-2025
- Business
- North Wales Chronicle
Surging meat and tea prices drive food price inflation up for sixth month
Food prices are now 4% higher than a year ago, up from 3.7% in June and the three-month average of 3.5%, according to the British Retail Consortium (BRC)-NIQ Shop Price Monitor. Fresh food inflation held steady at 3.2%, but ambient food prices jumped to 5.1% higher than last June, up from last month's 4.3%. Overall shop price inflation increased to 0.7% from June's 0.4% in June, and up from from the three-month average of 0.3%. BRC chief executive Helen Dickinson said: 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month. 'Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. 'This has helped push up overall shop prices. There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes.' Mike Watkins, head of retailer and business insight at NIQ, said: 'Consumers' household budgets are coming under pressure with the food retailers now seeing price increases above CPI (Consumer Price Index). 'However, price competition helped by promotional activity will still mean that shoppers can save money by shopping around. 'With inflation on the up, high street retailers will also be concerned about customer retention over the summer holiday season if they are to maintain sales momentum.'
