Period Covered: 01 – 07
January 2026
- Shop price inflation increased to 1.5% year on year in
January, against growth of 0.7% in December. This is above the
3-month average of 0.9%.
- Non-Food inflation increased to 0.3% year on year in January,
against a decline of 0.6% in December. This is above the 3-month
average of -0.3%.
- Food inflation increased to 3.9% year on year in January,
against growth of 3.3% in December. This is above the 3-month
average of 3.4%.
- Fresh Food inflation increased to 4.4% year on year in
January, against growth of 3.8% in December. This is above the
3-month average of 3.9%.
- Ambient Food inflation increased to 3.1% year on year in
January, against growth of 2.5% in December. This is above the
3-month average of 2.6%.
|
|
OVERALL SPM
|
FOOD
|
NON-FOOD
|
|
% Change
|
On last year
|
On last month
|
On last year
|
On last month
|
On last year
|
On last month
|
|
Jan-26
|
1.5
|
0.4
|
3.9
|
1.1
|
0.3
|
0.1
|
|
Dec-25
|
0.7
|
0.0
|
3.3
|
0.3
|
-0.6
|
-0.1
|
Note: Month-on-month % change refers to changes in the
level of prices.
Helen Dickinson, Chief Executive of the BRC,
said:
“Any suggestion that inflation has peaked is simply not borne out
by these figures. Shop price inflation jumped this month due to
high business energy costs and the hike to National Insurance
continuing to feed through to prices. Meat, fish and fruit were
particularly affected, also reflecting weak supply and stronger
demand, while non-food categories, including furniture, flooring,
and health and beauty, all saw inflation rise.
“It is a challenging time for households. Retailers do what they
can to keep prices down in a competitive market, but thin margins
and rising costs of Government policy make it harder. Government
must double down on costs in order to support households. A good
place to look is the spiralling energy charges, especially
non‑commodity levies, which are raising operating costs,
squeezing margins and flowing through into retail prices.”
Mike Watkins, Head of Retailer and Business Insight, NIQ,
said:
“Shoppers are always cautious about spending in
January and this will not be helped by the continuation of
inflation. However, there are still savings to be made at the
checkout as some non-food retailers are still on promotion and
many food retailers continue to reduce prices on everyday items
as a way to drive footfall.”
