Period Covered: 01 – 07
March 2023
- Shop Price annual inflation accelerated to 8.9% in March, up
from 8.4% in February. This is above the 3-month average rate of
8.4%. This brings shop price growth to a fresh high.
- Non-Food inflation accelerated to 5.9% in March, up from 5.3%
in February. This is above the 3-month average rate of 5.4%.
Inflation rose to a fresh high in this category.
- Food inflation accelerated to 15.0% in March, up from
14.5% in February. This is above the 3-month average rate of
14.5% and is the highest inflation rate in the food category on
record.
- Fresh Food inflation accelerated to 17.0% in March, up from
16.3% in February. This is above the 3-month average rate of
16.4% and is the highest inflation rate in the fresh food
category on record.
- Ambient Food inflation accelerated to 12.4% in March, up from
12.2% in February. This is above the 3-month average rate of
12.0% 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
|
|
Mar-23
|
8.9
|
0.8
|
15.0
|
0.9
|
5.9
|
0.7
|
|
Feb-23
|
8.4
|
0.8
|
14.5
|
1.0
|
5.3
|
0.7
|
Helen Dickinson OBE, Chief Executive of the British
Retail Consortium, said:
"Shop price inflation has yet to peak. As Easter approaches, the
rising cost of sugar coupled with high manufacturing costs left
some customers with a sour taste, as price rises for chocolate,
sweets and fizzy drinks increased in March. Fruit and vegetable
prices also rose as poor harvests in Europe and North Africa
worsened availability, and imports became more expensive due to
the weakening pound. Some sweeter deals were available in
non-food, as retailers offered discounts on home entertainment
goods and electrical appliances.”
“Food price rises will likely ease in the coming months,
particularly as we enter the UK growing season, but wider
inflation is expected to remain high. Retailers continue to work
hard to keep prices, particularly of essentials, as low as
possible by expanding value ranges and offering discounts for
vulnerable groups. Government must also minimise oncoming
regulatory burdens, as these will serve as a drag on investment
and will ultimately contribute to higher prices for UK
consumers.”
Mike Watkins, Head of Retailer and Business Insight,
NielsenIQ, said:
“Inflation continues to have an impact on the spending power of
shoppers and increased energy bills from April will add more
pressure. Since food prices have risen retailers have seen more
visits but less basket spend, as shoppers manage their weekly
food bills by shopping little and more often and seeking out the
lowest prices. And as Easter approaches some high street
retailers will also be offering discounts and promotions to
encourage customers to spend.”
