Responding to the latest CPI inflation figures which show
headline inflation at 6.2%, and food inflation at 5.1%, Helen
Dickinson, Chief Executive of the British Retail Consortium,
said:
“Rising inflation remains a significant concern for the economy,
squeezing household incomes and increasing cost pressures on
retailers. For the second month in a row, Transport saw the
highest rate of inflation this month, while food inflation rose
slower than the headline rate. The BRC’s Shop Price Index, which
tracks the price of basic goods, showed an even smaller price
rise in food, suggesting that retailers are successfully managing
to limit cost increases for many essential groceries. Many
supermarkets have expanded their value ranges to support
individuals and households on lower incomes. Nonetheless, with
retailers struggling to absorb these higher costs, shop prices
look set to rise in the coming months.
“The situation in Ukraine is undoubtedly exacerbating existing
cost pressures in the supply chain – from increased energy costs
to higher global commodity prices. Many households will also face
far higher energy bills and NI contributions from next Friday. As
a result, all eyes will be on today’s Spring Statement, to see if
the Chancellor will announce any relief for those families most
affected by the cost of living squeeze.”
-ENDS-
Notes:
-
ONS Consumer Price Index figures, February
2022.
|
Year on Year changes
|
Jan-22
|
Feb-22
|
|
CPI (overall index)
|
5.5%
|
6.2%
|
|
01 Food and non-alcoholic beverages
|
4.3%
|
5.1%
|
|
02 Alcoholic beverages and tobacco
|
3.2%
|
3.5%
|
|
03 Clothing and footwear
|
6.3%
|
8.9%
|
|
04 Housing, water, electricity, gas and
other fuels
|
7.1%
|
7.2%
|
|
05 Furniture, household equipment and
maintenance
|
8.4%
|
9.1%
|
|
06 Health
|
2.2%
|
2.6%
|
|
07 Transport
|
11.3%
|
11.5%
|
|
08 Communication
|
1.1%
|
1.1%
|
|
09 Recreation and culture
|
2.9%
|
4.7%
|
|
10 Education
|
4.5%
|
4.5%
|
|
11 Restaurants and hotels
|
4.7%
|
5.0%
|
|
12 Miscellaneous goods and services
|
1.7%
|
1.9%
|
- The BRC-NielsenIQ Shop Price Index, which
includes a basket of 250 essential food items (and 250 basic
non-food items) showed essential food prices
rising 2.7% in February 2022. This suggests food inflation is
lower for essential goods.
|
Year on Year changes
|
Jan-22
|
Feb-22
|
|
BRC-NielsenIQ Shop Price Index
|
1.5%
|
1.8%
|
|
Food (based on 250 basic food items)
|
2.7%
|
2.7%
|
|
Non-Food (based on 250 basic non-food items)
|
0.9%
|
1.3%
|
