UK DIY News
BRC Talks Inflation
Responding to the latest CPI inflation figures which shows headline inflation falling to 6.8% and food inflation falling to 14.8%, Helen Dickinson, Chief Executive of the British Retail Consortium, said:
“Headline inflation fell again, driven by falling household bills and clothing prices. Food inflation eased to its lowest level in almost a year: many households will find their mornings getting cheaper, with price drops in tea, coffee, milk, breakfast cereals and fruit. Meanwhile, clothing retailers mitigated the wet weather with larger discounts across their ranges.
“There remains potential stumbling blocks ahead. Russia’s withdrawal from the Black Sea Grain Initiative and subsequent targeting of Ukrainian grain facilities, as well as rice export restrictions could put pressure on some global commodity prices, slowing the fall in food prices. Retailers continue invest heavily in keeping falling prices on track. Government can support these efforts by freezing business rates from next April, or else risk adding a £400m additional pressure on prices.”
ONS Consumer Price Index figures, July 2023
Year on Year changes | Jun-23 | Jul-23 |
CPI (overall index) | 7.9% | 6.8% |
01 Food and non-alcoholic beverages | 17.3% | 14.8% |
02 Alcoholic beverages and tobacco | 9.2% | 9.4% |
03 Clothing and footwear | 7.2% | 6.6% |
04 Housing, water, electricity, gas and other fuels | 12.0% | 6.8% |
05 Furniture, household equipment and maintenance | 6.5% | 6.2% |
06 Health | 8.2% | 8.9% |
07 Transport | -1.8% | -2.0% |
08 Communication | 9.5% | 7.1% |
09 Recreation and culture | 6.7% | 6.5% |
10 Education | 3.2% | 3.2% |
11 Restaurants and hotels | 9.5% | 9.6% |
12 Miscellaneous goods and services | 6.5% | 6.0% |
Source : BRC
Image : shutterstock.com / 727983322
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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