UK store prices reach new highs

According to the British Retail Confederation (BRC), prices in U.K. stores and supermarkets soared again in the 12 months to September, reaching an all-time high.

According to BRC, prices in stores and supermarkets rose by 5.7%, following a 5.1% increase in the 12 months to August. This was caused by an unprecedented 10.6% increase in food prices as the war in Ukraine drove up the cost of feed, fertilizer, and vegetable oil.

According to NielsenIQ, the market research firm that co-authored the data, 76% of consumers expect to be moderately or severely affected by the cost-of-living crisis in the next three months. This is up from 57% in the summer.

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