British Shop Price Inflation Accelerates In May Due To Iran War Energy Costs
British shop price inflation sped up in May on the back of disruption and higher energy costs caused by the Iran war, according to a retail industry group which said the government had to do more to keep costs down.
The British Retail Consortium’s monthly survey of major chains published this week showed that prices in May were 1.2 per cent higher than a year earlier, up from a 1.0 per cent rise in April.
Food price inflation slowed to 2.7 per cent, its lowest in a year, from 3.1 per cent.
Furniture and health and beauty products rose by the most reflecting rising raw material and shipping costs.
BRC Chief Executive Helen Dickinson said the government – which has pressed supermarkets to slow price increases and flirted with the idea of demanding price caps this month – had to play its part in bringing down costs for retailers.
“Reducing the non-commodity charges, taxes and levies that make up more than two-thirds of energy bills, and cutting red tape would help keep inflation down,” Dickinson said.
Britain’s broader official consumer price inflation index fell to 2.8 per cent in April but is expected to rise again to around 4 per cent in the coming months due to the energy price shock.
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