🔔 Attention Shoppers! 📈 Those stocking up at Tesco, Asda, or Morrisons, brace yourselves. Recent figures have unveiled a sharp increase in food prices, with chocolate, butter, and eggs leading the charge.
🍫🧈🥚 Food inflation has hit 4.2% this month, the fastest in 18 months! The British Retail Consortium (BRC)-NIQ Shop Price Monitor has highlighted this as the steepest climb since early 2024. With fresh food inflation climbing to 4.1%, powered by rising dairy costs, managing the weekly shop might feel a little more challenging.
📊 While ambient food inflation has somewhat eased to 4.2% from last month’s 5.1%, overall shop price inflation has nudged up to 0.9%. Non-food items did offer some relief with price deflation at 0.8%, but the trend is clear: costs are rising.
🏦 Meanwhile, changes in national insurance contributions are reportedly adding to these inflated prices. Helen Dickinson from the BRC notes: “These food price hikes add pressure to families already juggling higher costs of living.”
🛒 Retail bosses, including those from top stores like Tesco and Sainsbury’s, have sounded the alarm in a letter to Chancellor Rachel Reeves. They’re worried that upcoming budget decisions could make things even tougher.
🌍 Supply chain issues, seasonal changes, and reduced promotions from recent events are all contributing to this price increase, as explained by Mike Watkins from NIQ. So, as the summer winds down and routines kick back in, it might be time to review those household budgets.
Keep your eyes peeled and your shopping lists tight. Here’s hoping for some price relief on the horizon! 💸🔍