skip to main content
  • *
  • *
Find Insight DIY on
* * *


BRC Responds To Inflation Data

Dilok Klaisataporn iStock 1414982888

Responding to the latest CPI inflation figures, which show headline inflation falling to 2.0% and food inflation falling 1.2 percentage points to 1.7%, Kris Hamer, Director of Insight of the British Retail Consortium, said:

"The country will breathe a sigh of relief as inflation hits the Bank of England’s target of 2% for the first time in almost three years, raising hopes of an interest rate cut for the 9.6 million mortgage holders across the UK. Falling energy prices continue to be the main driver behind the fall in the headline rate however, a lower inflation rate in clothing and furniture also contributed. Food inflation fell the fourteenth month in a row, and those with a sweet tooth will be happy to see that the price of chocolate and confectionary products fell on the month.

"Hitting the 2% target is welcome news, however, it is vital that inflationary progress is not taken for granted by the next government. Retailers are working hard to limit price increases for their customers, and the next administration must play their part in reducing cost pressures on retailers and the customers they serve. Addressing key costs such as the business rates burden, which leads to customers paying a higher price at the till, must be a priority for whoever forms the next government.

Source : BRC

Image : Dilok Klaisataporn / iStock / 1414982888

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.

19 June 2024

Related News

view more UK DIY News

Insight provides a host of information I need on many of our company’s largest customers. I use this information regularly with my team, both at a local level as well as with our other international operations. It’s extremely useful when sharing market intelligence information with our corporate office.

Paul Boyce - European CEO, QEP Ltd.

Don't miss out on all the latest, breaking news from the DIY industry