Households and businesses must prepare for a difficult period as inflationary pressures hit home, says the chief executive of the British Retail Consortium.
Shop price inflation rose to 4.4% in July, up from 3.1% in June, according to new figures.Food inflation was up 7%, compared to 5.6% in June. This was partly due to a 8% rise in fresh food inflation, up from 6.2% in June.
Non-food inflation hit 3%, up from 1.9% in June - a record-high, beating the previous record of 2.2% in April. Helen Dickinson, chief executive of the British Retail Consortium, said:"Rising production costs - from the price of animal feed and fertiliser to availability of produce, exacerbated by the war in Ukraine - coupled with exorbitant land transport costs, led food prices to rocket by 7%."Some of the biggest rises were seen in dairy products, including lard, cooking fats and butter.
"As inflation reaches new heights, retailers are doing all they can to absorb as much of these rising costs as possible and to look for efficiencies in their businesses and supply chain.
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