UK shop prices rose at their fastest pace since April 2024 in the year to July, driven by a sharp pickup in food inflation, according to the British Retail Consortium.
Overall shop prices increased 0.7% year-on-year
- +0.2% expected. prior +0.4%
- food prices surged 4.0%, the strongest since February
Rising costs for essentials like meat and tea, due to global supply issues, pushed grocery bills higher for the sixth straight month.
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The data adds to signs of sticky inflation and complicates the Bank of England’s rate-cut path, especially as headline inflation rose to 3.6% in June.
The Bank of England next meet on August 7.
