The British Retail Consortium said on Wednesday - a day before the Bank of England is expected to raise interest rates for a second time in two months - that shop prices rose by 1.5% in January compared with the same month in 2021.
Food prices rose by 2.7% - the most since October 2013 and up from 2.4% in December - which reflected poor harvests, labour shortages and rising global food prices, the BRC said. Britain's consumer price inflation rate, which measures a broader range of spending, hit a 30-year high of 5.4% in December, almost three times the BoE's 2% target, and is expected to squeeze demand for non-essentials this year.
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