British Retail Consortium (BRC) data release.
- overall annual rate of shop price inflation reported by its members - mostly large retail chains and supermarkets - dropped to 7.3% from 7.4%.
- driven by a drop in inflation for non-food items to 4.4% from 4.8%
- food price inflation rose to a record 13.3% from 12.4%, reflecting increases in the rate of inflation to 15.0% for fresh food and 11.0% for less perishable items
"Reverberations from the war in Ukraine continued to keep high the cost of animal feed, fertiliser and energy," BRC chief executive Helen Dickinson said.
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If price rises like this are continued to be reflected in the official CPI data, and there is no reason the think they won't be, it'll keep the Bank of England on course for even more interest rate hikes.
Cable update:
