Shop prices continue to soar

Shop prices continued to rise during April with furniture inflation reaching record highs.

According to the latest BRC-Nielsen Shop Price Index for April 2022, annual inflation accelerated to 2.7%, up from 2.1% in March. This is above the 12- and 6-month average price increases of 0.4% and 1.5%, respectively. This marks the highest rate of inflation since September 2011.

Non-Food inflation accelerated to 2.2% in April, up from 1.5% in March. This is above the 12- and 6-month average price decrease of 0.1% and increase of 0.9%, respectively. This marks the highest rate of inflation since the data series began in 2006.

Food inflation accelerated to 3.5% in April, up from 3.3% in March. This is above the 12- and 6-month average price growth rates of 1.3% and 2.6%, respectively. This is the highest inflation rate since March 2013.

Helen Dickinson OBE, Chief Executive of the British Retail Consortium, said: “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.”

Mike Watkins, Head of Retailer and Business Insight, NielsenIQ, said: “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.”

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