UK shop price inflation saw a mild deceleration in April, according to data from the British Retail Consortium on Tuesday, but remained near record-highs.
Shop price inflation slowed slightly to 8.8% in April on an annual basis, from 8.9% in March. The BRC said this was above the 3-month average rate of 8.7%, however.
Against the month prior, shop price inflation decelerated to 0.2% in April from 0.8% in March.
“Overall shop price inflation eased slightly in April due to heavy Spring discounting in clothing, footwear, and furniture,” said BRC chief executive Helen Dickinson.
“However, food prices remained elevated given ongoing cost pressures throughout supply chain. The knock-on effect from increased production and packaging costs meant that ready meals became more expensive and coffee prices were also up due to the high cost of coffee beans, as well as key producer nations exporting less.”
Food inflation accelerated to 15.7% on an annual basis in April, from 15.0% in March. The BRC said this was above the 3-month average rate of 15.1%, and was the highest inflation rate in the food category on record.
“We should start to see food prices come down in the coming months as the cut to wholesale prices and other cost pressures filter through. In the meantime, retailers remain committed to helping their customers and keeping prices as low as possible,” Dickinson said.
By Heather Rydings, Alliance News senior economics reporter
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