Price rises: Brace for ‘bumpy road ahead’

Shop prices are up 2.7% on last year marking their highest rate of inflation since September 2011, figures show.

The impact of rising energy prices and the conflict in Ukraine continued to feed through into April’s retail prices, according to the BRC-NielsenIQ Shop Price Index.

Global food prices have reached record highs, seeing a 13% rise on last month alone, and even higher for cooking oils and cereals amid warnings that they will place further upward pressure on UK food prices as they filter through the supply chain over the coming months.

British Retail Consortium chief executive Helen Dickinson said: “Retailers will continue to do all they can to keep prices down and deliver value for their customers by limiting price rises and expanding their value ranges, but this will put pressure on them to find cost-savings elsewhere.

“Unfortunately, customers should brace themselves for further price rises and a bumpy road ahead.”