31 March, 2022 | by The Retail Bulletin
New figures have demonstrated that shop value inflation has attained its maximum charge given that 2011 this month pursuing mounting price pressures in the world-wide source chain
The figures from the British Retail Consortium and NielsenIQ reveal that yearly store value inflation accelerated to 2.1% in March, up from 1.8% in February.
Helen Dickinson BRC main govt, said: “Consumers ended up hit when once more by rising charges, with March viewing the fifth consecutive month of inflation. There have been mounting expense pressures throughout the supply chain for some time, which includes climbing wages, input expenses, world-wide commodity charges, energy, and transport. A lot of of these costs are beginning to be exacerbated by the problem in Ukraine, but the whole effect on prices is yet to be found. Wheat price ranges have risen sharply, though the increase in oil selling prices has not only impacted domestic energy charges, but also the expenses of fertiliser and transporting items.”
Although foods rates rose by 3.3% in March, up from 2.7% in February. non-meals rates elevated by 1.5%, up from 1.3% in the preceding thirty day period.
Mike Watkins, head of retailer and business enterprise perception at NielsenIQ, said: “With value-of-residing improves accelerating, the next few months will be a tough time for shoppers. Increasing foodstuff price ranges will start out to effects what’s set in the shopping basket so supermarkets will require to adapt ranges to assistance shoppers regulate what they expend on their weekly groceries. Even though superior road retailers will be competing for discretionary shell out that’s coming less than rising pressure”
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