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British Retail Consortium finds inflation set to continue into 2023

5th Jan 2023 - 06:00
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Abstract
The British Retail Consortium found fresh food inflation ‘strongly accelerated’ in December to 15%, up from around 14.3% in November 2022, which is the highest inflation rate in this category on record.

Overall food inflation increased to 13.3% in December, up from 12.4% in November. Ambient food inflation reached 11% in December, up from 10% in November. The British Retail Consortium measures the change in prices of 500 everyday items every month.

Helen Dickinson OBE, chief executive of the British Retail Consortium, said: “It was a challenging Christmas for many households across the UK. Not only did the cold snap force people to spend more on their energy bills, but the prices of many essential foods also rose as reverberations from the war in Ukraine continued to keep high the cost of animal feed, fertiliser and energy.

“2023 will be another difficult year for consumers and businesses as inflation shows no immediate signs of waning. Retailers will continue to work hard to support their customers and keep prices low.”

Written by
Edward Waddell