Period Covered: 01 – 05 October
2022
- Shop Price annual inflation accelerated to 6.6% in October,
up from 5.7% in September. This is above the 3-month average rate
of 5.5%. This marks another record for shop price inflation since
this index started in 2005.
- Food inflation accelerated strongly to 11.6% in October,
up from 10.6% in September. This is above the 3-month average
rate of 9.7%. This is the highest inflation rate in the food
category on record.
- Non-Food inflation accelerated to 4.1% in October, up from
3.3% in September. This is above the 3-month average rate of
3.4%. Inflation remains rose to a fresh series’ high in this
category.
- Fresh Food inflation strongly accelerated in October to
13.3%, up from 12.1% in September. This is above the 3-month
average rate of 12.0%. This is the highest inflation rate in the
fresh food category on record.
- Ambient Food inflation accelerated to 9.4% in October, up
from 8.6% in September. This is above the 3-month average rate of
8.6%. 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
|
|
Oct-22
|
6.6
|
1.3
|
11.6
|
1.5
|
4.1
|
1.2
|
|
Sep-22
|
5.7
|
0.7
|
10.6
|
1.3
|
3.3
|
0.4
|
Helen Dickinson OBE, Chief Executive of the British
Retail Consortium, said:
“It has been a difficult month for consumers who not only faced
an increase in their energy bills, but also a more expensive
shopping basket. Prices were pushed up because of the significant
input cost pressures faced by retailers due to rising commodity
and energy prices and a tight labour market. Even the price of
basic items went up, with the price of the humble cuppa rising,
as tea bags, milk and sugar all saw significant rises. While some
supply chain costs are beginning to fall, this is more than
offset by the cost of energy, meaning a difficult time ahead for
retailers and households alike.
“With Christmas fast approaching, customers are looking for any
sign of respite, but it is increasingly difficult for retailers
to shoulder the ongoing supply chain pressures. The Government
can support households by reducing the cost burden that prevents
retailers from keeping prices down for their customers.
Government must freeze business rates to prevent an additional
£800m bill landing on the plates of retailers and in turn their
customers in 2023.”
Mike Watkins, Head of Retailer and Business Insight,
NielsenIQ, said:
“External factors are keeping shop price inflation at record
highs and the challenging economic conditions are significantly
impacting consumer confidence and retail spend. With pressure
growing on discretionary spend across both non-food and food
retail, delivering good value is the table stake in the battle
for shopper loyalty over the next 8 weeks.”
