Shoppers are facing soaring costs at the checkout with prices now standing at their highest rate in 14 years. Businesses are battling soaring supply chain costs and a cut in household spending, figures show.
Compared with June last year, prices have risen 3.1%, up from 2.8% in May, and according to the BRC-NielsenIQ Shop Price Index this represents the highest rate of inflation since September 2008. Food items have been costing 5.6% more in June, rising from 4.3% in May, with fresh produce the worst affected and up 6.2%.
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. British Retail Consortium (BRC) CEO Helen Dickinson said: “Last month households and businesses were hit by the highest rate of inflation since the 1980s as near-record commodity prices in energy, transport and food filtered through the supply chain.
