Period Covered: 01 – 05 November
2022
- Shop Price annual inflation accelerated to 7.4% in November,
up from 6.6% in October. This is above the 3-month average rate
of 6.5%. This marks another record for shop price inflation since
this index started in 2005.
- Food inflation accelerated strongly to 12.4% in
November, up from 11.6% in October. This is above the 3-month
average rate of 11.5%. This is the highest inflation rate in the
food category on record.
- Non-Food inflation accelerated to 4.8% in November, up from
4.1% in October. This is above the 3-month average rate of 4.0%.
Inflation remains rose to a fresh series’ high in this category.
- Fresh Food inflation strongly accelerated in November to
14.3%, up from 13.3% in October. This is above the 3-month
average rate of 13.1%. This is the highest inflation rate in the
fresh food category on record.
- Ambient Food inflation accelerated to 10.0% in November, up
from 9.4% in October. This is above the 3-month average rate of
9.2%. 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
|
|
Nov-22
|
7.4
|
0.9
|
12.4
|
1.3
|
4.8
|
0.7
|
|
Oct-22
|
6.6
|
1.3
|
11.6
|
1.5
|
4.1
|
1.2
|
Helen Dickinson OBE, Chief Executive of the British
Retail Consortium, said:
“Winter looks increasingly bleak as pressures on prices continue
unabated. Food prices have continued to soar, especially for
meat, eggs and dairy, which have been hit by rocketing energy
costs, and rising costs of animal feed and transport. Coffee
prices also shot up on last month as high input costs filtered
through to price tags. Christmas gifting is also set to become
more expensive than in previous years, with sports and recreation
equipment seeing particularly high increases.
“While there are signs that cost pressures, and price rises,
might start to ease in 2023, Christmas cheer will be dampened
this year as households cut back on seasonal spending in order to
prioritise the essentials. Retailers continue to do all they can
to support their customers and ensure everyone can enjoy the
festive season by fixing prices of many essentials, offering
discounts to vulnerable groups, raising pay for their own people,
and expanding their value ranges.”
Mike Watkins, Head of Retailer and Business Insight,
NielsenIQ, said:
"With prices still rising, the cost of
Christmas will be higher this year and shoppers will be managing
their budgets more closely than at any time since the start of
cost-of-living crisis. Retailers are now responding by offering
seasonal savings and price cuts and will be hopeful of an uptick
in shopper spend as we move into
December."
