Fresh food prices surge, non-food prices drop as consumers cut spending

  • Shop price inflation hits highest level since 2008
  • Fresh food saw the highest rise in inflation
  • Food inflation rose to 5.6% in June
  • Highest inflation rate since June 2011
  • Ambient Food inflation at 4.8% in June
  • Non-food inflation dropped to 1.9%
  • Retailers may need government help if costs continue to rise

Shop price inflation reached its highest level since September 2008 in June 2022 at 3.1%, according to the British Retail Consortium (BRC). Food inflation rose to 5.6% from 4.3% in May, marking the highest rate since June 2011. Fresh food prices increased by 6.2% month-on-month and ambient food prices reached 4.8%. Non-food inflation dropped to 1.9%, down from 2% in May. Retailers may need government assistance as they absorb rising costs and consumers cut spending on out-of-home consumption.

Factuality Level: 10
Factuality Justification: The article provides accurate information about inflation rates for various categories, cites sources (British Retail Consortium), includes relevant quotes from experts in the field and does not include any misleading or sensationalist content. It also presents objective data without personal opinions.
Noise Level: 3
Noise Justification: The article provides relevant information about inflation rates in various categories and quotes from experts in the field. It does not contain irrelevant or misleading information, nor does it reinforce popular narratives without questioning them. The article also stays on topic and supports its claims with data and evidence.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses inflation rates in various categories of products, which can impact consumer spending and businesses’ profitability.
Financial Rating Justification: The article talks about inflation rates in different product categories, including food and non-food items, which can affect consumers’ purchasing decisions and businesses’ financial performance. This information is relevant to financial topics as it reflects the economic situation and may influence market trends.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text, but the article discusses an increase in inflation rates for various categories of goods and services.

Reported publicly: www.retailsector.co.uk