Households suffer as cost of living rises
Responding to the latest CPI inflation figures which shows headline inflation at 7.0%, and food inflation at 5.9%, Helen Dickinson, Chief Executive of the British Retail Consortium, said:
“Households around the UK will be feeling the pinch as the cost of living continues to rise. Retailers are trying to help consumers by expanding their value ranges and doing all they can to keep the price of essentials down. This can be seen in the BRC’s Shop Price Index, which tracks the price of basic goods, which showed a slower rise in the price of essential foods and other products than the inflation levels report by the ONS.
“Consumer confidence has fallen significantly in recent months, as worries around personal finances rise. Households face a plethora of rising costs, with higher inflation to come as the increase in the energy price cap pushes up April’s figures. Retailers are not exempt from these pressures, as the costs of transport, energy, raw materials and staff wages all continue to rise.”