Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

UK shop price inflation strikes new record high: BRC

2023 05 29T230903Z 2 LYNXMPEJ4S0L8 RTROPTP 4 BRITAIN ECONOMY INFLATION - Global Banking | Finance

UK shop price inflation strikes new record high: BRC

By Andy Bruce

LONDON (Reuters) – British shop price inflation picked up this month to reach its highest rate since industry records began in 2005, although growth in food prices cooled slightly, a survey showed on Tuesday.

The British Retail Consortium said prices in supermarkets and retail chains rose 9.0% in the year to May, after an 8.8% increase in April.

Food price inflation as measured by the BRC slowed, however, to 15.4% from 15.7%.

“While overall shop price inflation rose slightly in May, households will welcome food inflation beginning to fall,” said BRC chief executive Helen Dickinson. “The slow in (food) inflation was largely driven by lower energy and commodity costs starting to filter through to lower prices of some staples including butter, milk, fruit and fish,” she added.

The figures follow official data last week that showed annual consumer price inflation – which includes services and non-shop goods like energy – slowed in April, but by less than expected, to 8.7% from 10.1%.

Official food price inflation, which earlier this year rose to its highest rate since 1977, slowed only marginally to 19.1% from 19.2%.

“While there is reason to believe that food inflation might be peaking, it is vital that government does not hamper this early progress by piling more costs onto retailers and forcing up the cost of goods even further,” Dickinson said.

“The biggest risk comes from policies such as the incoming border checks and reforms to packaging recycling fees.”

The BRC data was based on prices collected between May 1 and May 7.

 

(Reporting by Andy Bruce; editing by David Milliken)

 

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post