BRC finds prices are rising as costs soar

by | May 4, 2022 | Associations, News | 0 comments

Prices are experiencing the highest rate of inflation in more than a decade, according to the BRC-NielsenIQ Shop Price Index. The shop price annual inflation accelerated to 2.7% in April, up 2.1% in March, the highest jump since September 2011. It is significantly above the 12- and six-month average price increases of 0.4% and 1.5%, respectively.

Non-food suffered the biggest blow, with the highest rate of inflation since the data series began in 2006. Inflation in this category accelerated to 2.2% in April, up from 1.5% in March. This is above the 12- and six-month average price decrease of 0.1% and increase of 0.9%, respectively.

Fresh Food inflation, on the other hand, decelerated in April to 3.4%, down from 3.5% in March – the second highest inflation rate since March 2013.

Helen Dickinson OBE, chief executive of the British Retail Consortium, says: “The impact of rising energy prices and the conflict in Ukraine continued to feed through into April’s retail prices. Non-food products, particularly furniture, electricals and books, have seen the highest rate of inflation since records began. This has been exacerbated by disruption at the world’s largest seaport, following Shanghai’s recent lockdown. Food prices continued to rise, though fresh food inflation slowed as fierce competition between supermarkets resisted price hikes on many everyday essentials.

“Global food prices have reached record highs, seeing a 13% rise on last month alone, and even higher for cooking oils and cereals. As these costs filter through the supply chain, they will place further upward pressure on UK food prices in the coming months. Retailers will continue to do all they can to keep prices down and deliver value for their customers by limiting price rises and expanding their value ranges, but this will put pressure on them to find cost-savings elsewhere. Unfortunately, customers should brace themselves for further price rises and a bumpy road ahead.”

Mike Watkins, head of retailer and business insight, NielsenIQ, says: “Inflation shows no signs of abating and the increase in non-food prices is an extra challenge for the high street as fragile consumer confidence and rising living costs are likely to negatively affect consumer spending. With food retailing no longer immune to these pressures, supermarkets are reacting by cutting the prices of some everyday grocery products including private label to help limit shop price inflation.”   

more latest news ➡

Wellbeing at Pugh's Garden Centre

Wellbeing Winners at Pugh’s Garden Centre

Pugh’s Garden Centre is a well-known, and highly-regarded garden centre in South Wales. Set up by Sydney Pugh in the 1940’s, it originally started as a wholesale fruit and vegetable grower working from a nursery and selling from the gate. In the 1960’s, Sydney’s...

Cherry Lane acquires Norwich garden centre

Cherry Lane acquires Salhouse Garden Centre near Norwich

A garden centre on the outskirts of Norwich is under new ownership and it will be revamped over the coming months. The Cherry Lane group has acquired Salhouse Garden Centre in Honeycombe Road, which is its 18th site. It has garden centres throughout East...

job opportunity at Grimsby Garden Centre

Unique Garden Centre Business Manager opportunity

Grimsby Garden Centre is excited to share this opening for a Garden Centre Business Manager which is rewarding career opportunity that combines retail management with making a difference in the local community. As Grimsby Garden Centre is owned...

Prosper and Yorkshire Garden Centres part ways

Prosper Bidding Farewell to Yorkshire Garden Centres

Prosper, a leading buying group committed to supporting enterprise and growth within our industry, announces the departure of YGC, effective 30th September 2024. Terry Head Retail Director of Stewarts and Chairman of Prosper, stated, "YGC has been a supportive...

Kent & Stowe Autumn promotion

Kent & Stowe autumn promotion to help boost sales

Kent & Stowe, renowned for its high-quality gardening tools that help gardeners achieve extraordinary results has an array of enticing offers to support garden retailers this autumn. These promotions will encourage the nation to keep on gardening and ensure...

Yorkshire Garden Centres joins the Tillington Group

Yorkshire Garden Centres to join the Tillington Group

Yorkshire Garden Centres have announced that they are to join the Tillington Group.  The Bradford based business took over Tong Garden Centre in 2015 and now operate six centres across Yorkshire from the base at Tong. Mark Farnsworth, Managing Director of Yorkshire...

Dobbies charity appeal

Dobbies Garden Centres seeks new National Charity Partner

Dobbies has launched the search for its next National Charity Partner, as part of its 160th year celebrations. The new partnership will commence on 1 March 2025, following the conclusion of Dobbies’ successful nine-year collaboration with the Teenage Cancer Trust...

Banners for marketing

How Banners Generate Business for Garden Centres

In the verdant world of garden centres, where competition blooms as fiercely as the flowers on display, standing out is paramount to cultivating success. Amidst an array of advertising strategies, banners have emerged as a particularly potent tool for garden...

Read GCR's latest edition!

Subscribe ToThe Wednesday Word

Subscribe To
The Wednesday Word

 

Get all the latest news, events & more straight to your inbox every Wednesday.

You have Successfully Subscribed!

Pin It on Pinterest

Share This