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Cost of living squeeze: Chaos as shop prices soar to highest level for over a decade

According to the British Retail Consortium (BRC), retail prices went up from 2.1 percent in March to 2.7 percent in April, the highest rate of inflation recorded since September 2011.

Food prices are also continuing to rise, up from 3.3 percent in March to 3.5 percent in April, although for fresh food they shrunk slightly, from 3.5 percent to 3.4 percent.

Chief executive of the BRC Helen Dickinson said: “The impact of rising energy prices and the conflict in Ukraine continued to feed through into April’s retail prices.

“Global food prices have reached record highs, seeing a 13 percent rise on last month alone, and even higher for cooking oils and cereals.

“As these costs filter through the supply chain, they will place further upward pressure on UK food prices in the coming months.

“Retailers will continue to do all they can to keep prices down and deliver value for their customers by limiting price rises and expanding their value ranges, but this will put pressure on them to find cost savings elsewhere.

“Unfortunately, customers should brace themselves for further price rises and a bumpy road ahead.”

This comes as the Bank of England warned that inflation could hit more than eight percent this year, reported Sky News.

Mike Watkins, head of retail and business insight at NielsenIQ, has warned that these astronomical price rises could lead to consumers spending less in store, as they are forced to cut costs in response to rising energy bills.

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It marks the highest increase in price since records began in 2006.

Prime Minister Boris Johnson admitted that there was more that could be done to alleviate the burden on those struggling with price rises.

Speaking on Good Morning Britain on Tuesday, he said: “I accept that those contributions from the taxpayer, because that’s what it is – taxpayers’ money – isn’t going to be enough immediately to help cover everybody.

“There is more that we can do but the crucial thing is to make sure we deal with the prices over the medium and long term.”



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