Responding to the latest CPI inflation figures, which show headline inflation rising to 3.6% and food inflation rising to 4.5%, Kris Hamer, Director of Insight at the British Retail Consortium, said:
While inflation has risen steadily over the last year, food inflation has seen a much more pronounced increase. Despite fierce competition between retailers, the ongoing impact of the last budget and poor harvests caused by the extreme weather have resulted in prices for consumers rising. The price of many staples rose on the previous month, including bread, rice and pasta though consumers in the market for chocolate benefitted from a decrease.
With rising costs already driving up prices at the till, the Chancellor must take action now to protect consumers from inflation rising further. The proposed business rates reform would drive up costs for many high street stores, limiting investment and pushing up prices for everyone. If the Government wants to support households and high streets, they should ensure that no shop pays more as a result of these changes.
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