BRC-NIELSENIQ SHOP PRICE INDEX – April 2023
Period Covered:
01 – 07 April
2023
- Shop Price annual inflation decelerated to 8.8% in April,
down slightly from 8.9% in March. This is above the 3-month
average rate of 8.7%. Shop price growth remains near record
highs.
- Non-Food inflation decelerated to 5.5% in April, down from
5.9% in March. This is below the 3-month average rate of 5.6%.
Inflation remains elevated in this category.
- Food inflation accelerated to 15.7% in April, up from
15.0% in March. This is above the 3-month average rate of 15.1%,
and is the highest inflation rate in the food category on record.
- Fresh Food inflation accelerated in April, to 17.8%, up from
17.0% in March. This is above the 3-month average rate of 17.0%
and is the highest inflation rate in the fresh food category on
record.
- Ambient Food inflation accelerated to 12.9% in April, up from
12.4% in March. This is above the 3-month average rate of 12.5%
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
|
|
Apr-23
|
8.8
|
0.2
|
15.7
|
0.8
|
5.5
|
-0.1
|
|
Mar-23
|
8.9
|
0.8
|
15.0
|
0.9
|
5.9
|
0.7
|
Helen Dickinson, OBE, Chief Executive of the British
Retail Consortium, said:
“Overall shop price inflation eased slightly in April due to
heavy Spring discounting in clothing, footwear, and furniture.
However, food prices remained elevated given ongoing cost
pressures throughout supply chain. The knock-on effect from
increased production and packaging costs meant that ready meals
became more expensive and coffee prices were also up due to the
high cost of coffee beans, as well as key producer nations
exporting less. Meanwhile, the price of butter and vegetable oils
started to come down as retailers passed on cost savings from
further up the supply chain.
“We should
start to see food prices come down in the coming months as the
cut to wholesale prices and other cost pressures filter through.
In the meantime, retailers remain committed to helping their
customers and keeping prices as low as possible. Government must
also help by minimising the impact of oncoming regulatory burdens
as these will hold back investment and ultimately contribute to
ongoing high prices for already-squeezed households.”
Mike Watkins, Head of Retailer and Business Insight,
NielsenIQ, said:
“In recent weeks, more retailers have used loyalty schemes or
money off promotions to help stimulate sales. However, with
inflation yet to peak and sales volumes in decline in many
channels, it’s difficult to second guess the strength of consumer
confidence. Given the falls in disposable income we really need
to see CPI back into single figures and a slowdown in food
inflation to test shoppers` willingness to spend."
