6 October
Food inflation in UK hits one-year high — BRC
UK food inflation rose again in May, reaching its highest level in a year, according to updated official figures. The British Retail Consortium (BRC) reported that prices climbed 2.8%, up from 2.6% in April, marking the fourth consecutive monthly increase, led by fresh produce.
Supermarkets face mounting financial pressures, Bloomberg noted. Higher wages and payroll taxes are expected to add around £5 billion ($6.7 billion) to industry costs.
This runs counter to earlier expectations of fierce price competition among UK grocers. When Asda announced price cuts earlier this year, shares in Tesco and Sainsbury’s fell. Though Bloomberg Intelligence analyst Charles Allen says those concerns were overblown.
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