The latest CPI inflation figures have found that headline inflation has reached 9%, with food inflation now sitting at around 6.7%.
Prices are rising at their fastest rate for 40 years, with UK inflation up from 7% in March 2022.
Food production has been particularly hard hit in recent months, with historically high global food prices, rising costs of animal feed, and disruption in supplies as a result of Covid-19, Brexit and the Ukraine conflict.
The Bank of England expects inflation to top 10% by the end of the year, as many of the rising costs filter down into prices paid by consumers.
Costs impact retailers
Commenting on the latest figures, Helen Dickinson, chief executive of the British Retail Consortium, said: “Inflationary pressures continue to impact businesses as well as households, with soaring energy prices further driving up the Consumer Price Index. These higher energy prices, along with a tight labour market, and the huge costs of moving goods around, are impacting all retailers.”
She added: “Retailers are doing their bit to protect consumers by expanding their value ranges and doing all they can to keep the price of essentials down. This can be seen in the BRC’s Shop Price Index, which tracks the price of basic goods, which showed a slower rise in the price of essential foods and other products than the inflation levels seen in the broader CPI measure.”