Shop prices rise at fastest pace on record as retailers pass on massive cost increases

EPA

Shop prices are rising at their fastest pace in at least 17 years, as retailers passed on huge cost increases to consumers, according to new figures.

Prices rose 4.4 per cent in July, with food prices jumping 7 per cent, the British Retail Consortium found. It was the fastest pace of price increases since the BRC began compiling figures in 2005.