A chief executive has warned that while shop prices are reaching record highs after soaring inflation in January, the peak is yet to be seen.
Compared to last January, overall food inflation has risen by 13.8 per cent from 13.3 per cent in December - the highest inflation rate on record. Meanwhile, inflation on fresh food also reached a record high due to increased food production costs alongside accelerated rates for fruit and vegetable prices at 15.7 per cent from 15 per cent in December.
Ambient food inflation for products such as sugar and alcohols also accelerated to 11.3 per cent from 11 per cent in December. However, clothing and footwear prices eased which has allowed for consumers to fill up their wardrobes with January sales.
