Prices rising as costs soar

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Shop Price annual inflation accelerated to 2.7% in April, up from 2.1% in March, the British Retail Consortium said.

This is above the 12- and 6-month average price increases of 0.4% and 1.5%, respectively. This marks the highest rate of inflation since September 2011, the BRC said.

Non-food inflation accelerated to 2.2% in April, up from 1.5% in March.

Helen Dickinson OBE, chief executive of the BRC, said that this is above the 12- and 6-month average price decrease of 0.1% and increase of 0.9%, respectively. This marks the highest rate of inflation since the data series began in 2006.

Ms Dickinson said: “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.

“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.”

Mike Watkins, head of retailer and business insight at NielsenIQ, added: “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.”

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