“UK households continued to be squeezed by inflation driven by food prices and household bills. The energy crisis, caused by the war in Ukraine, has pushed up gas and electricity bills for producers, retailers and households. Food remained one of the strongest contributors to overall inflation as the high price of animal feed and fertiliser has driven up the price of many staples, while the weaker pound made importing products such as vegetables from Europe more expensive.”

 

“While inflation is expected subside later this year, prices are likely to remain elevated as the higher costs throughout supply chains become baked in. Retailers are committed to doing everything they can to keep the price of essentials low through expanding value ranges and offering discounts for vulnerable groups. Against this backdrop, Government must do more to limit one of the biggest drags to retail investment, which is oncoming regulatory burdens heading down the track, or risk a crash in business investment and further inflationary pressures."