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Concerns over Retail Price Index Figures from BIRA

The association has said that more needs to be done to ‘reduce the burden’ on shop owners across the country.

The report revealed that shop price annual inflation accelerated to 7.4% in November, up from 6.6% in October. This is above the 3-month average rate of 6.5% and marks another record for shop price inflation since the index began in 2005.

Non-food inflation accelerated to 4.8% in the month, up from 4.1% in October, again above the 3-month average of 4%.

Andrew Goodacre, ceo of BIRA said: “These figures show that inflation is still increasing – and it is a real concern for retailers and for ourselves.

“The government needs to recognise that increasing business cost will fuel inflation and so more must be done to reduce the burden on business, who in turn will takes steps to reduce the prices for consumers.

“There is a review of the energy support scheme due in December, and these figures highlight the economic and business need to extend the support into retail.”

Helen Dickinson OBE, chief executive, British Retail Consortium, said: “Winter looks increasingly bleak as pressures on prices continue unabated. Food prices have continued to soar, especially for meat, eggs and dairy, which have been hit by rocketing energy costs, and rising costs of animal feed and transport. Coffee prices also shot up on last month as high input costs filtered through to price tags. Christmas gifting is also set to become more expensive than in previous years, with sports and recreation equipment seeing particularly high increases.

“While there are signs that cost pressures, and price rises, might start to ease in 2023, Christmas cheer will be dampened this year as households cut back on seasonal spending in order to prioritise the essentials. Retailers continue to do all they can to support their customers and ensure everyone can enjoy the festive season by fixing prices of many essentials, offering discounts to vulnerable groups, raising pay for their own people, and expanding their value ranges.”

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