Retail inflation accelerated in January, with prices climbing at the fastest rate in nearly a decade
Figures from the British Retail Consortium reveal that shop price annual inflation jumped to 1.5% in January, the highest rate since December 2012 and up from 0.8% in November 2021.
The increase was led by food prices, which were up 2.7%.
‘January saw shop price inflation nearly double, driven by a sharp rise in non-food inflation. In particular, furniture and flooring saw exceptionally high demand leading to increased prices as the rising oil costs made shipping more expensive,’ says Helen Dickinson, British Retail Consortium chief executive.
‘The rise in shop prices is playing into wider UK inflation, which is pushing cost of living to the forefront of the political agenda. Many households will find it difficult to absorb the additional costs, as well as others on the horizon.’
Annual furniture inflation was 12.5% in December with flooring increases running at 8.8%. The ONS is due to publish its figures towards the end of the month.
