British Retail Consortium monthly shop price index, a monthly measure of UK shop price inflation.
BRC survey results showed that prices in supermarkets
and retail chains rose 8.4% in June y/y
- prior was 9.0% in May, the highest rate since the BRC’s records began in 2005
BRC comments:
- “If the current situation continues, food inflation should
drop to single digits later this year.” BRC chief executive
Helen Dickinson
The drop will be welcomed by the Bank of England, which hiked its Bank rate by 0.5% last week in the face of persistently high inflation.
8.4% is nothing to be happy with though.
This article was written by Eamonn Sheridan at www.forexlive.com.
