The British Retail Consortium warned it won’t be long before the Middle East conflict impacts the price of food
Shoppers have been warned they will soon start to see price rises as a result of the conflict in the Middle East. The political tensions from the Iran war have already hit the pockets of drivers with surging rises in fuel and petrol prices.
Inflation for food prices fell in April as figures from the the British Retail Consortium (BRC) and NIQ show shop prices overall are now 1% higher than last April, down from 1.2% in March and below the three-month average of 1.1%. However, the BRC chief executive warned consumers are yet to see the “full force” of the Middle East conflict.
Helen Dickinson said: “Bigger discounts in clothing, furniture and DIY goods helped pull down shop price inflation in April. With weakening consumer confidence, retailers competed harder on price to stimulate more spring spending.
“Food price inflation also slowed as retailers offered discounts on Easter items such as chocolate. While we’re yet to see the full force of the Middle East conflict feeding into consumer prices, it will not be long before it begins to.”
Mike Watkins, head of retailer and business insight at NIQ, said: “Increased fuel prices are already leading to higher inflation and we can expect a similar impact in the food and non-food supply chains in the months to come.
“However, retailers will look to hold back any price increases as long as possible as alongside fragile consumer confidence, accelerating inflation is likely to negatively affect consumer spending.”
Shop prices overall are now 1% higher than last April, down from 1.2% in March and below the three-month average of 1.1%, according to the British Retail Consortium (BRC) and NIQ. Non-food prices are 0.1% cheaper year on year, against growth of 0.1% in March.
Food inflation also fell from March’s 3.4% to 3.1% while fresh food prices are 3.9% higher than last April.
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