Latest news with #WorldpanelbyNumerator
Powys County Times
24 minutes ago
- Business
- Powys County Times
Shopping from Tesco, Sainsbury's, Asda 'set to rise by £275'
Brits have been warned that the annual price of shopping could rise by nearly £300 by the end of the year. Industry leaders have predicted food inflation will rise to 6% causing a 'significant challenge' to household budgets in the run-up to Christmas. The BRC, whose figures now put food inflation at 4%, said prices would rise year on year by Christmas. BRC chief executive Helen Dickinson has said households are struggling to cope with the rising cost of their weekly shop. Food is outrageous now. My weekly "big shop" is about £40 more expensive than perhaps 18 months ago. Then you have to check it out yourself. Pay more and do the store's work for them. I've 3 teenagers. I've only got to blink and the fridge is ransacked! — ClaireJH (@HillClaireJ) July 6, 2025 Annual grocery spending to rise by £275, experts warn In January, the BRC predicted that food prices would rise by an average of 4.2% in the latter half of the year as retailers battled increased costs from the Chancellor's budget. Last week, market research firm Worldpanel by Numerator, formerly Kantar, reported UK grocery prices had increased at their fastest pace for 18 months. Grocery price inflation accelerated to 5.2% in the four weeks to July 13, up from 4.7% a month earlier and the highest level since January 2024. The data also indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending. BRC chief executive Helen Dickinson said: 'Retail was squarely in the firing line of the last budget, with the industry hit by £7 billion in new costs and taxes. 'Retailers have done everything they can to shield their customers from higher costs, but given their slim margins and the rising cost of employing staff, price rises were inevitable. 5 ways to save money on your weekly food shop 'The consequences are now being felt by households as many struggle to cope with the rising cost of their weekly shop. "It is up to the Chancellor to decide whether to fan the flames of inflation, or to support the everyday economy by backing the high street and the local jobs they provide.' Drought could also cause food prices to rise The warning comes as the Autonomy Institute think tank is also predicting food price rises. It says extreme weather could drive up food prices by more than a third by 2050. Under a high-emission 'worst-case' scenario, food prices could rise by 34%, a study found. Recommended reading: Under a 'best-case' scenario, the cumulative food price inflation could still reach 25% by 2050. Heatwaves in the UK could cost an average household between £917 and £1,247 by 2050, it added. It comes after the UK's leading retailers like Tesco, Asda, Sainsbury's and Morrisons have warned over the changing landscape of the retail industry owing to the searing and scorching heatwaves the UK has experienced.
STV News
2 hours ago
- Business
- STV News
Food inflation will rise to 6% by the end of the year, industry predicts
Food inflation will rise to 6% by the end of the year in a 'significant challenge' to household budgets in the run-up to Christmas, industry leaders have predicted. Retailers warned of rising prices and job losses if the Chancellor hiked taxes in the next budget, with two thirds of chief financial officers expecting further price rises, the British Retail Consortium (BRC) said. Some 56% of retail finance chiefs – representing more than 9,000 stores – are 'pessimistic' about trading conditions over the next 12 months, a survey by the BRC found. Some 85% said their businesses had been forced to raise prices as a consequence of the last budget's raising of employer national insurance and the national living wage, while two thirds (65%) predicted further rises in the coming year. The BRC, whose figures now put food inflation at 4%, said prices would reach 6% higher year on year by Christmas. It said: 'This will pose significant challenges to household budgets, particularly in the run-up to Christmas.' Other than cost increases, 42% of chief financial officers said they had frozen recruitment, while 38% said they had reduced job numbers in-store. This was reflected in the official job figures, with almost 100,000 fewer retail jobs in the first quarter of 2025 compared to the previous year, the BRC said. More than a third of CFOs (38%) said they had cut investment in local communities, while 15% had already delayed opening new stores. BRC chief executive Helen Dickinson said: 'Retail was squarely in the firing line of the last budget, with the industry hit by £7 billion in new costs and taxes. 'Retailers have done everything they can to shield their customers from higher costs, but given their slim margins and the rising cost of employing staff, price rises were inevitable. 'The consequences are now being felt by households as many struggle to cope with the rising cost of their weekly shop. It is up to the Chancellor to decide whether to fan the flames of inflation, or to support the everyday economy by backing the high street and the local jobs they provide.' In January, the BRC predicted that food prices would rise by an average of 4.2% in the latter half of the year as retailers battled increased costs from the budget. At the time, Ms Dickinson said modelling by the trade association and industry chiefs suggested there was 'little hope of prices going anywhere but up' as retailers faced higher national insurance (NI), national living wage and new packaging costs. Last week, market research firm Worldpanel by Numerator, formerly Kantar, reported UK grocery prices had increased at their fastest pace for 18 months amid growing concern from shoppers about the rising cost of living. Grocery price inflation accelerated to 5.2% in the four weeks to July 13, up from 4.7% a month earlier and the highest level since January 2024. The data indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending. 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 Guardian
9 hours ago
- Business
- South Wales Guardian
Food inflation will rise to 6% by the end of the year, industry predicts
Retailers warned of rising prices and job losses if the Chancellor hiked taxes in the next budget, with two thirds of chief financial officers expecting further price rises, the British Retail Consortium (BRC) said. Some 56% of retail finance chiefs – representing more than 9,000 stores – are 'pessimistic' about trading conditions over the next 12 months, a survey by the BRC found. Some 85% said their businesses had been forced to raise prices as a consequence of the last budget's raising of employer national insurance and the national living wage, while two thirds (65%) predicted further rises in the coming year. The BRC, whose figures now put food inflation at 4%, said prices would reach 6% higher year on year by Christmas. It said: 'This will pose significant challenges to household budgets, particularly in the run-up to Christmas.' Other than cost increases, 42% of chief financial officers said they had frozen recruitment, while 38% said they had reduced job numbers in-store. This was reflected in the official job figures, with almost 100,000 fewer retail jobs in the first quarter of 2025 compared to the previous year, the BRC said. More than a third of CFOs (38%) said they had cut investment in local communities, while 15% had already delayed opening new stores. BRC chief executive Helen Dickinson said: 'Retail was squarely in the firing line of the last budget, with the industry hit by £7 billion in new costs and taxes. 'Retailers have done everything they can to shield their customers from higher costs, but given their slim margins and the rising cost of employing staff, price rises were inevitable. 'The consequences are now being felt by households as many struggle to cope with the rising cost of their weekly shop. It is up to the Chancellor to decide whether to fan the flames of inflation, or to support the everyday economy by backing the high street and the local jobs they provide.' In January, the BRC predicted that food prices would rise by an average of 4.2% in the latter half of the year as retailers battled increased costs from the budget. At the time, Ms Dickinson said modelling by the trade association and industry chiefs suggested there was 'little hope of prices going anywhere but up' as retailers faced higher national insurance (NI), national living wage and new packaging costs. Last week, market research firm Worldpanel by Numerator, formerly Kantar, reported UK grocery prices had increased at their fastest pace for 18 months amid growing concern from shoppers about the rising cost of living. Grocery price inflation accelerated to 5.2% in the four weeks to July 13, up from 4.7% a month earlier and the highest level since January 2024. The data indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending.
South Wales Argus
9 hours ago
- Business
- South Wales Argus
Food inflation will rise to 6% by the end of the year, industry predicts
Retailers warned of rising prices and job losses if the Chancellor hiked taxes in the next budget, with two thirds of chief financial officers expecting further price rises, the British Retail Consortium (BRC) said. Some 56% of retail finance chiefs – representing more than 9,000 stores – are 'pessimistic' about trading conditions over the next 12 months, a survey by the BRC found. Some 85% said their businesses had been forced to raise prices as a consequence of the last budget's raising of employer national insurance and the national living wage, while two thirds (65%) predicted further rises in the coming year. The BRC, whose figures now put food inflation at 4%, said prices would reach 6% higher year on year by Christmas. It said: 'This will pose significant challenges to household budgets, particularly in the run-up to Christmas.' Other than cost increases, 42% of chief financial officers said they had frozen recruitment, while 38% said they had reduced job numbers in-store. This was reflected in the official job figures, with almost 100,000 fewer retail jobs in the first quarter of 2025 compared to the previous year, the BRC said. More than a third of CFOs (38%) said they had cut investment in local communities, while 15% had already delayed opening new stores. BRC chief executive Helen Dickinson said: 'Retail was squarely in the firing line of the last budget, with the industry hit by £7 billion in new costs and taxes. 'Retailers have done everything they can to shield their customers from higher costs, but given their slim margins and the rising cost of employing staff, price rises were inevitable. 'The consequences are now being felt by households as many struggle to cope with the rising cost of their weekly shop. It is up to the Chancellor to decide whether to fan the flames of inflation, or to support the everyday economy by backing the high street and the local jobs they provide.' In January, the BRC predicted that food prices would rise by an average of 4.2% in the latter half of the year as retailers battled increased costs from the budget. At the time, Ms Dickinson said modelling by the trade association and industry chiefs suggested there was 'little hope of prices going anywhere but up' as retailers faced higher national insurance (NI), national living wage and new packaging costs. Last week, market research firm Worldpanel by Numerator, formerly Kantar, reported UK grocery prices had increased at their fastest pace for 18 months amid growing concern from shoppers about the rising cost of living. Grocery price inflation accelerated to 5.2% in the four weeks to July 13, up from 4.7% a month earlier and the highest level since January 2024. The data indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending.
Leader Live
9 hours ago
- Business
- Leader Live
Food inflation will rise to 6% by the end of the year, industry predicts
Retailers warned of rising prices and job losses if the Chancellor hiked taxes in the next budget, with two thirds of chief financial officers expecting further price rises, the British Retail Consortium (BRC) said. Some 56% of retail finance chiefs – representing more than 9,000 stores – are 'pessimistic' about trading conditions over the next 12 months, a survey by the BRC found. Some 85% said their businesses had been forced to raise prices as a consequence of the last budget's raising of employer national insurance and the national living wage, while two thirds (65%) predicted further rises in the coming year. The BRC, whose figures now put food inflation at 4%, said prices would reach 6% higher year on year by Christmas. It said: 'This will pose significant challenges to household budgets, particularly in the run-up to Christmas.' Other than cost increases, 42% of chief financial officers said they had frozen recruitment, while 38% said they had reduced job numbers in-store. This was reflected in the official job figures, with almost 100,000 fewer retail jobs in the first quarter of 2025 compared to the previous year, the BRC said. More than a third of CFOs (38%) said they had cut investment in local communities, while 15% had already delayed opening new stores. BRC chief executive Helen Dickinson said: 'Retail was squarely in the firing line of the last budget, with the industry hit by £7 billion in new costs and taxes. 'Retailers have done everything they can to shield their customers from higher costs, but given their slim margins and the rising cost of employing staff, price rises were inevitable. 'The consequences are now being felt by households as many struggle to cope with the rising cost of their weekly shop. It is up to the Chancellor to decide whether to fan the flames of inflation, or to support the everyday economy by backing the high street and the local jobs they provide.' In January, the BRC predicted that food prices would rise by an average of 4.2% in the latter half of the year as retailers battled increased costs from the budget. At the time, Ms Dickinson said modelling by the trade association and industry chiefs suggested there was 'little hope of prices going anywhere but up' as retailers faced higher national insurance (NI), national living wage and new packaging costs. Last week, market research firm Worldpanel by Numerator, formerly Kantar, reported UK grocery prices had increased at their fastest pace for 18 months amid growing concern from shoppers about the rising cost of living. Grocery price inflation accelerated to 5.2% in the four weeks to July 13, up from 4.7% a month earlier and the highest level since January 2024. The data indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending.
