Food costs drive UK shop price inflation to highest level since 2008

Up by 3.1% in June

Shop price inflation in the UK accelerated to a near 14-year high in June, powered by a sharp rise in food prices as retailers battle rising supply chain expenses and a decline in consumer spending.

Shop prices were up by 3.1% in June, up from 2.8% in May, the highest rate of inflation since September 2008, powered by 5.6% growth in food prices, according to figures from the latest British Retail Consortium-NielsenIQ tracker. Yearly fresh food inflation alone raced to 6.2% in June versus 4.5% in May — the highest inflation rate since May 2009. It comes after the latest figures from the Office for National Statistics showed that UK inflation rose to 9.1% in May, setting a new 40-year high amid record prices for petrol and the rising cost of food. UK inflation hits 40 year high ...