Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
LONDON, Aug. 27 (Xinhua) — Retail price growth in the UK in August hit its highest since March 2024, driven by rising food costs despite efforts by retailers to curb prices, data from the British Retail Consortium (BRC) showed on Tuesday.
Retail prices rose by 0.9% compared to August last year, which is higher than the three-month average of 0.6% and more than July's 0.7%. Over the month, food prices rose by 4.2% year-on-year, while non-food prices fell by 0.8%.
Mike Watkins, head of retail and business analysis at research firm NielsenIQ, attributed the price increases to a number of factors, including global supply costs, seasonal food inflation caused by weather conditions, and rising underlying operating costs.
The current price rises have added to the pressure on families already struggling to cope with the cost of living, BRC chief executive Helen Dickinson said.
"Retailers continue to do everything they can to limit price increases for households, but as the Bank of England has acknowledged, the £7bn of new spending from last year's Budget has made their task much more difficult," she said.
Last week, more than 60 chief executives of Britain's biggest retailers wrote to the Chancellor of the Exchequer asking him not to raise taxes on retailers this autumn. –0–
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