LONDON (Reuters) – Prices charged by UK shops and supermarkets accelerated again in the month to September to the highest level since records began , the British Retail Consortium said on Wednesday.
Prices rose 5.7%, higher than 12 5.1% ) month to August, by an unprecedented 10 lead. Food prices rose 6% as the Ukrainian war drove up the cost of animal feed, fertilizers and vegetable oils, the BRC said.
NielsenIQ, a market research firm that co-produced the data, said 76% of consumers expect to be moderately or severely impacted by the cost of living crisis over the next three months, up from 10% in summer.
“As households look to savings this fall to help manage their personal finances, we expect shoppers to become more cautious about discretionary spending, adding to the pressure on retail,” Mike Watkins of Nielsen IQ
UK CPI measures a wider range of prices than the BRC data, reaching
– July’s 10.1% yearly high before falling back to 9.9% in August.
Last week, the new Finance Minister Kvassey Kwarten announced tax cuts, leading to a depreciation of the pound and further inflationary pressures on the cost of imported goods in the UK.