BRC-NIELSEN IQ SHOP PRICE INDEX – September 2022
Period Covered: 01 – 05 September
2022
- Shop Price annual inflation accelerated to 5.7% in September,
up from 5.1% in August. This is above the 3-month average rate of
5.1%. This marks another record for shop price inflation since
this index started in 2005.
- Food inflation accelerated strongly to 10.6% in September, up
from 9.3%. This is above the 3-month average rate of 9.1%. This
is the highest rate of inflation in the food category on record.
- Non-Food inflation accelerated to 3.3% in September, up from
2.9% in August. This is above the 3-month average rate of 3.1%.
Inflation remains rose to a fresh series’ high in this category.
- Fresh Food inflation strongly accelerated in September to
12.1%, up from 10.5% in August. This is above the 3-month average
rate of 10.4%. This is the highest inflation rate in the fresh
food category on record.
- Ambient Food inflation accelerated to 8.6% in September, up
from 7.8% in August. This is above the 3-month average rate of
7.4%. This is the fastest rate of increase in the ambient food
category on record.
|
|
OVERALL SPI
|
FOOD
|
NON-FOOD
|
|
% Change
|
On last year
|
On last month
|
On last year
|
On last month
|
On last year
|
On last month
|
|
Sep-22
|
5.7
|
0.7
|
10.6
|
1.3
|
3.3
|
0.4
|
|
Aug-22
|
5.1
|
1.1
|
9.3
|
2.3
|
2.9
|
0.5
|
Helen Dickinson OBE, Chief Executive of the British
Retail Consortium, said:
“With costs mounting across the board, September saw shop price
inflation hit yet another high. The war in Ukraine continued to
drive up the price of animal feed, fertiliser and vegetable oil,
causing fresh food inflation to rise significantly over the past
few months, particularly for products such as margarine. While
the summer drought diminished some harvests, other produce
benefitted from the prolonged sunshine, helping to bring down
prices for fruits such as strawberries, blueberries, and
tomatoes. Non-food inflation also rose, largely driven by DIY,
gardening and hardware products which, as heavier items, have
been harder hit by rising transport costs.”
“Retailers are battling huge cost pressures from the weak pound,
rising energy bills and global commodity prices, high transport
costs, a tight labour market and the cumulative burden of
government-imposed costs. And, with business rates set to jump by
10% next April, squeezed retailers face an additional £800m in
unaffordable tax rises. Government must urgently freeze the
business rates multiplier to give retailers more scope to do more
to help households.”
Mike Watkins, Head of Retailer and Business Insight,
NielsenIQ, said:
“With food and household energy prices continuing to rise, it’s
no surprise that NielsenIQ data shows that 76% of consumers are
saying they expect to be moderately or severely affected by the
cost-of-living crisis over the next 3 months, up from 57% in the
summer. So households will be looking for savings to help manage
their personal finances this autumn and we expect shoppers to
become more cautious about discretionary spend, adding to
pressure in the retail sector.”
