Shop prices hit highest rate of inflation in almost 14 years
The IndependentGet the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy 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. Last month households and businesses were hit by the highest rate of inflation since the 1980s Helen Dickinson, BRC 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 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. and seek out retailers where prices are the lowest Mike Watkins, NielsenIQ “Retailers are working to find more ways to protect their customers from the worst effects of inflation, but if costs continue to spiral, Government may need to find ways to help retail businesses support their customers.” Mike Watkins, head of retailer and business insight at NielsenIQ, said:“Whilst the fast-moving consumer goods industry is more insulated from any downturn in consumer expenditure, food retailing is not immune.