Shop prices have hit their highest rate of inflation in almost 14 years as businesses grapple with soaring supply chain costs and a cut in household spending, figures show.
Shop prices were up 3.1% on a year ago in June, up from 2.8% in May - the highest rate of inflation since September 2008, according to the BRC-NielsenIQ Shop Price Index. Food inflation jumped to 5.6% in June, up from 4.3% in May, driven by fresh food prices up 6.2% on June last year - the highest inflation rate since May 2009.
The figures follow the Office for National Statistics reporting that inflation as measured by the consumer prices index rose from 9% in April to 9.1% last month, a level unseen since February 1982, amid record prices for petrol and the soaring cost of food.
