Period Covered: 01 – 07
February 2023
- Shop Price annual inflation accelerated to 8.4% in February,
up from 8.0% in January. This is above the 3-month average rate
of 7.8%. This brings shop price growth to a fresh high.
- Non-Food inflation accelerated to 5.3% in February, up from
5.1% in January. This is above the 3-month average rate of 4.9%.
Inflation rose to a fresh high in this category.
- Food inflation accelerated to 14.5% in February, up from
13.8% in January. This is above the 3-month average rate of 13.8%
and is the highest inflation rate in the food category on record.
- Fresh Food inflation accelerated in February, to 16.3%, up
from 15.7% in January. This is above the 3-month average rate of
15.6% and is the highest inflation rate in the fresh food
category on record.
- Ambient Food inflation accelerated to 12.2% in February, up
from 11.3% in January. This is above the 3-month average rate of
11.5% and 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
|
|
Feb-23
|
8.4
|
0.8
|
14.5
|
1.0
|
5.3
|
0.7
|
|
Jan-23
|
8.0
|
0.7
|
13.8
|
1.3
|
5.1
|
0.3
|
Helen Dickinson OBE, Chief Executive of the British
Retail Consortium, said:
“Shop price inflation rose to another record high as retail
prices across the board continued to react to the impact of
soaring energy bills, higher running costs and tougher trading
conditions brought about by the war in Ukraine. For non-food
products, these factors particularly impacted gardening tools and
pet food. Meanwhile, fresh food prices, especially vegetables,
were also affected by a weaker pound, making produce imports from
Europe more expensive. “
“While we expect to see the annual inflation rate reduce in the
second half of this year, retail prices will remain high over the
coming months. Government must avoid any additional costs on
business as this will jeopardise retailers’ ability to best
support their customers and keep prices low throughout this
cost-of-living crisis.”
Mike Watkins, Head of Retailer and Business Insight,
NielsenIQ, said:
“With more than half (56%) of UK consumers feeling they are in a
worse financial position compared to a year ago and inflation
still stubbornly high, many households are trimming back on
non-essential spending. And as volume sales are down on last
year, some retailers are having to work even harder to encourage
customer spend, including additional price cuts or promotional
activity. This likely to continue until consumer confidence
starts to improve.”
