U.K. Food Prices Increase at Fastest Pace in a Year, BRC Says
U.K. food prices increased the fastest in a year in August as manufacturers passed on higher commodity prices, the British Retail Consortium said.
Food prices rose an annual 3.8 percent, up from 2.5 percent the previous month and the most since July 2009, the BRC said in an e-mailed statement today in London, citing a survey by Nielsen. Shop-price inflation accelerated to 1.7 percent from 1.5 percent.
Food prices are gaining as producers pass along higher costs of raw materials, the BRC said. Wheat prices have soared 53 percent in the last three months. Inflation may be limited as consumers tighten budgets before the government s planned spending cuts and shops reduce prices to lure customers.
As shoppers return from their summer holidays, many will review household budgets again, Mike Watkins, senior manager of retailer services at Nielsen, said in the statement. We can expect to see retailers putting together some strong autumn promotions to tempt shoppers.
The BRC s measure of shop-price inflation was held down by a smaller increase in the price of non-food items. Annual inflation in those products eased to 0.5 percent in August from 1 percent in July, the statement said.
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