Food inflation strikes one other file excessive however clothes value rises ease
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hop value inflation eased again barely from file highs final month regardless of one other surge in meals costs.
Food costs soared 15.7%, the very best on file, in April to proceed stress on client funds, in keeping with the most recent BRC-NielsenIQ store value index.
However, spring discounting at trend and furnishings shops meant wider retail inflation slowed for the month.
The recent figures reported store value inflation of 8.8% in April towards the identical month a 12 months earlier, easing barely from 8.9% in March.
It got here as non-food shops recorded inflation of 5.5% for the month, slipping from 5.9% in March as retailers decreased costs in a bid to draw clients.
This fall offset the soar in meals inflation to fifteen.7% from 15% in March.
Fresh meals costs elevated by a file 17.8% year-on-year for the month, whereas the worth of ambient merchandise, corresponding to tinned items and different store-cupboard objects, elevated 12.9%.
Helen Dickinson, chief govt of the British Retail Consortium (BRC), mentioned: “Overall shop price inflation eased slightly in April due to heavy spring discounting in clothing, footwear, and furniture.
“However, food prices remained elevated given ongoing cost pressures throughout the supply chain.
“The knock-on effect from increased production and packaging costs meant that ready meals became more expensive and coffee prices were also up due to the high cost of coffee beans, as well as key producer nations exporting less.
“Meanwhile, the price of butter and vegetable oils started to come down as retailers passed on cost savings from further up the supply chain.”
Mr Dickinson added that customers “should start to see food prices come down in the coming months” amid reductions in wholesale costs and different prices.
Mike Watkins, head of retailer and enterprise perception at NielsenIQ, mentioned: “In recent weeks, more retailers have used loyalty schemes or money off promotions to help stimulate sales.
“However, with inflation yet to peak and sales volumes in decline in many channels, it’s difficult to second guess the strength of consumer confidence.”