Latest news with #shopprices
Yahoo
27-05-2025
- Business
- Yahoo
Food inflation rises for fourth consecutive month
Food inflation rose for the fourth consecutive month in May, with wholesale meat prices increasing the cost of steak on supermarket shelves, latest figures show. Shop prices overall remained in deflation, at 0.1% cheaper than a year ago and unchanged from April, according to the British Retail Consortium (BRC)-NIQ Shop Price Index. Non-food deflation dropped further to 1.5% against April's 1.4%. However this slowed in categories such as fashion and furniture as retailers began to unwind heavy promotional activity. Meanwhile, prices fell faster for electricals as retailers tried to encourage spending before any potential knock-on impact from US tariffs, the BRC said. However food prices are now 2.8% higher than a year ago, up from April's 2.6%. Fresh food prices are rising particularly quickly, up to 2.4% higher than last May from April's 1.8%. Ambient food inflation fell to 3.3% from April's 3.6%. BRC chief executive Helen Dickinson said: 'While overall shop prices remain unchanged in May, food inflation rose for the fourth consecutive month. 'Fresh foods were the main driver, and red meat eaters may have noticed their steak got a little more expensive as wholesale beef prices increased. 'With retailers now absorbing the additional £5 billion in costs from April's increased employer national insurance contributions and national living wage, it is no surprise that inflation is rearing its head once again. 'Later this year, retailers face another £2 billion in costs from the new packaging tax, and there are further employment costs on the horizon from the implementation of the Employment Rights Bill. Government must ensure the Employment Rights Bill is fit for purpose, supporting workers' rights while protecting jobs and investment for growth. 'If statutory costs continue to rise for retailers, households will have to brace themselves for more difficult times ahead as prices rise faster.' Mike Watkins, head of retailer and business insight at NielsenIQ, said: 'Whilst shoppers are seeing savings at the checkout as retailers increase promotional activity, increasing prices is still an extra challenge to consumer spending alongside rising household bills. 'If consumer confidence remain weak as looks likely, then retailers may have to work harder to encourage shoppers to spend over the summer.' Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
27-05-2025
- Business
- Reuters
UK shop prices ease in May but cost pressures are building, BRC says
May 27 (Reuters) - British shop prices fell slightly overall this month but food price inflation accelerated, according to a survey on Tuesday from the British Retail Consortium which warned price pressures are on the rise again. Overall shop prices fell by 0.1% in annual terms, as they did in April, the BRC said, as non-food prices declined at a faster rate. However, food prices were up 2.8% in May in annual terms, compared with a 2.6% rise in April. Helen Dickinson, chief executive of the BRC, said retailers were now dealing with the cost of higher payroll taxes and an increase in the national minimum wage. "It is no surprise that inflation is rearing its head once again," Dickinson said, adding that a new packaging tax and new labour market laws could further increase costs. Official last week showed Britain suffered a bigger-than-expected consumer price inflation surge in April, prompting investors to bet on the Bank of England slowing its already gradual pace of interest rate cuts. The BoE has predicted that inflation will hit 3.7% by September.
Yahoo
27-05-2025
- Business
- Yahoo
UK shop prices ease in May but cost pressures are building, BRC says
(Reuters) -British shop prices fell slightly overall this month but food price inflation accelerated, according to a survey on Tuesday from the British Retail Consortium which warned price pressures are on the rise again. Overall shop prices fell by 0.1% in annual terms, as they did in April, the BRC said, as non-food prices declined at a faster rate. However, food prices were up 2.8% in May in annual terms, compared with a 2.6% rise in April. Helen Dickinson, chief executive of the BRC, said retailers were now dealing with the cost of higher payroll taxes and an increase in the national minimum wage. "It is no surprise that inflation is rearing its head once again," Dickinson said, adding that a new packaging tax and new labour market laws could further increase costs. Official last week showed Britain suffered a bigger-than-expected consumer price inflation surge in April, prompting investors to bet on the Bank of England slowing its already gradual pace of interest rate cuts. The BoE has predicted that inflation will hit 3.7% by September. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
The Independent
27-05-2025
- Business
- The Independent
Food inflation rises again as steaks and fresh goods hit
UK shop prices remained stagnant in May, despite a fourth consecutive month of rising food inflation, new data reveals. The British Retail Consortium (BRC)-NIQ Shop Price Index showed overall shop prices were 0.1 per cent cheaper than a year ago, mirroring April's figures. This overall deflation masks a significant rise in food prices, now 2.8 per cent higher than last year, accelerating from April's 2.6 per cent increase. Wholesale meat price hikes are a key driver, impacting the cost of steak in particular. Fresh food inflation is also climbing sharply, with prices 2.4 per cent higher than May 2023, a notable jump from April's 1.8 per cent rise. While food prices climbed, non-food items continued their deflationary trend, although at a slower pace. Prices were 1.5 per cent lower than a year ago, compared to a 1.4 per cent drop in April. This slowdown is attributed to retailers scaling back promotional offers in categories like fashion and furniture. Conversely, electrical goods saw steeper price drops as retailers attempt to stimulate sales ahead of potential US tariff impacts. Gro Ambient food inflation fell to 3.3 per cent from April's 3.6 per cent. BRC chief executive Helen Dickinson said: 'While overall shop prices remain unchanged in May, food inflation rose for the fourth consecutive month. 'Fresh foods were the main driver, and red meat eaters may have noticed their steak got a little more expensive as wholesale beef prices increased. 'With retailers now absorbing the additional £5 billion in costs from April's increased employer national insurance contributions and national living wage, it is no surprise that inflation is rearing its head once again. 'Later this year, retailers face another £2 billion in costs from the new packaging tax, and there are further employment costs on the horizon from the implementation of the Employment Rights Bill. Government must ensure the Employment Rights Bill is fit for purpose, supporting workers' rights while protecting jobs and investment for growth. 'If statutory costs continue to rise for retailers, households will have to brace themselves for more difficult times ahead as prices rise faster.' Mike Watkins, head of retailer and business insight at NielsenIQ, said: 'Whilst shoppers are seeing savings at the checkout as retailers increase promotional activity, increasing prices is still an extra challenge to consumer spending alongside rising household bills. 'If consumer confidence remain weak as looks likely, then retailers may have to work harder to encourage shoppers to spend over the summer.'
Yahoo
26-05-2025
- Business
- Yahoo
Food inflation rises for fourth consecutive month
Food inflation rose for the fourth consecutive month in May, with wholesale meat prices increasing the cost of steak on supermarket shelves, latest figures show. Shop prices overall remained in deflation, at 0.1% cheaper than a year ago and unchanged from April, according to the British Retail Consortium (BRC)-NIQ Shop Price Index. Non-food deflation dropped further to 1.5% against April's 1.4%. However this slowed in categories such as fashion and furniture as retailers began to unwind heavy promotional activity. Meanwhile, prices fell faster for electricals as retailers tried to encourage spending before any potential knock-on impact from US tariffs, the BRC said. However food prices are now 2.8% higher than a year ago, up from April's 2.6%. Fresh food prices are rising particularly quickly, up to 2.4% higher than last May from April's 1.8%. Ambient food inflation fell to 3.3% from April's 3.6%. BRC chief executive Helen Dickinson said: 'While overall shop prices remain unchanged in May, food inflation rose for the fourth consecutive month. 'Fresh foods were the main driver, and red meat eaters may have noticed their steak got a little more expensive as wholesale beef prices increased. 'With retailers now absorbing the additional £5 billion in costs from April's increased employer national insurance contributions and national living wage, it is no surprise that inflation is rearing its head once again. 'Later this year, retailers face another £2 billion in costs from the new packaging tax, and there are further employment costs on the horizon from the implementation of the Employment Rights Bill. Government must ensure the Employment Rights Bill is fit for purpose, supporting workers' rights while protecting jobs and investment for growth. 'If statutory costs continue to rise for retailers, households will have to brace themselves for more difficult times ahead as prices rise faster.' Mike Watkins, head of retailer and business insight at NielsenIQ, said: 'Whilst shoppers are seeing savings at the checkout as retailers increase promotional activity, increasing prices is still an extra challenge to consumer spending alongside rising household bills. 'If consumer confidence remain weak as looks likely, then retailers may have to work harder to encourage shoppers to spend over the summer.' Sign in to access your portfolio
