Food inflation soars to fresh high - BRC
By Abigail Townsend
Date: Tuesday 28 Mar 2023
(Sharecast News) - Food prices continued to soar in March, industry research showed on Tuesday, pushing shop price inflation higher.
According to the BRC-NielsenIQ Shop Price Index, annual shop price inflation hit a new high of 8.9% in March, from 8.4% in February.
Within that, non-food inflation was 5.9% compared to 5.3% a month earlier, while food inflation surged to 15% from 14.5% in February. It is the highest food inflation rate on record.
Fresh food inflation also hit a new high, rising to 17% from 16.3% a month earlier, while ambient food inflation rose to 12.4% from 12%.
Helen Dickinson, chief executive of the British Retail Consortium, warned: "Shop price inflation has yet to peak. As Easter approaches, the rising cost of sugar coupled with high manufacturing costs left some customers with a sour taste, as price rises for chocolate, sweets and fizzy drinks increased in March.
"Fruit and vegetables also rose as poor harvests in Europe and North Africa worsened availability, and imports became more expensive due to the weakening pound.
"Food price rises will likely ease in the coming months, particularly as we enter the UK growing season, but wider inflation is expected to remain high."
Mike Watkins, head of retailer and business insight at NielsenIQ, added: "Inflation continues to have an impact on the spending power of shoppers, and increased energy bills from April will add more pressure. Since food prices have risen, retailers have seen more visits but less basket spend, as shoppers manager their weekly food bills by shopping little and more often and seeking out the lowest prices."
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