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BRC Comments On Inflation Data

1 Vector arrows up down green red Stefan Balaz shutterstock_2049539429

The latest inflation data from the ONS shows: 

  • The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 7.9% in the 12 months to May 2022, up from 7.8% in April.

  • The largest upward contributions to the annual CPIH inflation rate in May 2022 came from housing and household services (2.79 percentage points, principally from electricity, gas and other fuels, and owner occupiers' housing costs) and transport (1.50 percentage points, principally from motor fuels and second-hand cars).

  • On a monthly basis, CPIH rose by 0.6% in May 2022, compared with a rise of 0.5% in May 2021.

  • The Consumer Prices Index (CPI) rose by 9.1% in the 12 months to May 2022, up from 9.0% in April.

  • On a monthly basis, CPI rose by 0.7% in May 2022, compared with a rise of 0.6% in May 2021.

  • Rising prices for food and non-alcoholic beverages, compared with falls a year ago, resulted in the largest upward contribution to the change in both the CPIH and CPI 12-month inflation rates between April and May 2022 (0.17 percentage points for CPIH).

  • The largest offsetting downward contributions to change in the rates were from recreation and culture (0.10 percentage points for CPIH) and clothing and footwear (0.08 percentage points for CPIH).

Responding to the latest CPI inflation figures which shows headline inflation at 9.1%, and food inflation at 8.6%, Helen Dickinson, Chief Executive of the British Retail Consortium, said:

“Households and businesses in the UK are continuing to feel the squeeze from rising prices, as higher energy prices, a tight labour market and increasing transport and commodity costs filter through to consumers. Fierce competition for market share means that retailers will continue try to absorb as much of these costs as possible and look for cost-savings elsewhere.”

“Retailers are working hard to do what they can to protect their customers from price rises, including by expanding value ranges, keeping the cost of essentials down and providing discounts for certain vulnerable groups. With inflation only set to rise, the BRC will continue to work with retailers to find ways to mitigate future price rises.”

Source : ONS, BRC

Image : Stefan Balaz / shutterstock.com (2049539429)

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22 June 2022

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Thank you for the excellent presentation that you gave at Woodbury Park on Thursday morning. It was very interesting and thought-provoking for our Retail members. The feedback has been excellent.

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Martin Elliott. Chief Executive - Home Hardware.
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