Food prices drive shop price inflation to highest in a year
Food price inflation rose to 3.7 per cent in June compared with the same period last year and against 2.8 per cent in May, according to figures collected by the British Retail Consortium and NielsenIQ.
• Grocery prices rise at fastest pace in more than a year
Overall shop price inflation increased to 0.4 per cent compared with June 2024 and a year-on-year decline in prices of 0.1 per cent in May. Non-food prices were 1.2 per cent lower in June compared with a year ago, a narrower decline than the 1.5 per cent recorded in May.
It is the first time that overall monthly shop price inflation has risen since July 2024.
Helen Dickinson, chief executive of the BRC, said shops were having to pass on higher employment costs arising from the government's tax and minimum wage changes which came into force in April.
'Within three months of the costs imposed by last autumn's budget kicking in, headline shop prices have returned to inflation for the first time in close to a year,' she said. She added that the effect of government policy on prices had been 'accelerated by geopolitical tensions and impacts of climate change'.
Meat prices had been affected by high wholesale prices and more expensive labour costs, while fruit and vegetable prices increased due to hot, dry weather reducing harvest yields, she said.
Higher food prices increase pressure on low-income households in the UK, who spend a relatively larger share of their monthly income on necessities.
Deflation in non-food goods continued as retailers cut prices, particularly in DIY and gardening 'so customers could make the most of the sunshine', the consortium said.
Dickinson called on the government to 'find ways to alleviate the cost pressures bearing down on retailers' including via business rates reform.
The official overall inflation rate for the UK remained at 3.4 per cent in the year to May, the highest for more than a year and above the Bank of England's target rate of 2 per cent.
Food prices are at their highest since February 2024, according to official figures. The conflict between Iran and Israel has prompted concerns that higher oil prices could fuel a fresh round of inflation.
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