Store prices rise at fastest rate in 10 years as Britons face cost of living crisis

Figures from the British Retail Consortium released today show that in-store price inflation rose from 1.5% in January to 1.8% last month – the highest level since November 2011

Shopping woman holding a supermarket basket
Supermarket sales decrease compared to a year ago

Store prices are rising at their fastest rate in over a decade because Cost of living bite crisis.

And in a blow to household budgets, food prices are rising at near-record levels.

Figures from the British Retail Consortium released today show store prices inflationary increased from 1.5% in January to 1.8% last month – the highest level since November 2011.

Food inflation was flat at 2.7% in February, it said.

However, non-food inflation rose from 0.9% to 1.3%, led by the cost of health care, beauty products and furniture.

Separate data from data analytics firm Kantar released yesterday showed grocery prices rose even faster, at 4.3%.

Food inflation was flat at 2.7% in February


Getty Images / iStockphoto)

It shows that the prices of savory snacks, fresh beef and cat food are increasing the most, while bacon, beer and spirits are actually cheaper than in the same period last year.

Data from the website shows packages of Walkers Quavers Salt and Vinegar crisps have increased by 43 per cent to around £1.43 in the past year.

And a 12-pack of Whiskas fish and meat in jelly cat food jumped 13% to an average of £3.56.

Fraser McKevitt, head of retail and consumer insights at Kantar, said: “Beyond the start of the pandemic, we’ve seen grocers cut promotional deals to reduce sales. maintaining availability, this is the fastest inflation rate we have recorded since September 2013.”

But while prices are higher, supermarket sales are down from a year ago when they were boosted by the Covid closures.

Mr McKevitt said: “Households spent £26.07 less at supermarkets on average in February and private label sales outperformed brands for the first time in three month.

“It is important to highlight that the reduction in monthly spending is not entirely due to savvy budgeting.

“With the official end of Covid restrictions in the UK, many of us are now eating on the go, buying sandwiches, salads and snacks on our lunch break and enjoying picnics with friends. friends and family.

“That means we’re buying less food and drink to have at home.”

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Helen Dickinson, chief executive of the British Retail Consortium, said: “Rising prices will be bad news for households already facing reduced disposable income due to national insurance and price caps. energy increases.

“Retailers continue to face cost pressures due to higher shipping prices, with crude oil prices having nearly doubled from last year.

“Other pressures include labor shortages, rising commodity prices and rising energy prices.

“Retailers are doing their best to mitigate these price spikes and support their customers, as many supermarkets have extended the value range for food.

“Unfortunately, there are limits to the costs that retailers can absorb.”

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