This was demonstrated by the monthly index released Wednesday by retail association BRC and market research institute NielsenIQ. In October, the increase was 11.6 percent. Consumers in the UK have been warned about a dreary winter for some time now.
First of all, fresh food prices rose significantly by 14.3 percent in November. Meat, eggs – again due to the consequences of avian flu – and dairy were the main cost drivers here. Coffee prices have also skyrocketed. Overall, retail prices rose 7.4 percent, a record since 2005 when BRC registrations began.
“While there are signs that cost pressures and price increases may ease in 2023, the Christmas cheer this year will fade as households cut seasonal spending to focus on the essentials,” said Helen Dickinson, CEO of the British Retail Consortium (BRC). .
NielsenIQ expert Mike Watkins said: “As prices continue to rise, the cost of Christmas will be higher this year and shoppers will be more budget constrained than ever since the cost of living crisis began.”
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
