Prices at major British retailers rose at the fastest pace since February 2024 this month, led by a pick-up in prices for food as well as furniture and health and beauty products, industry figures showed on Tuesday.
The British Retail Consortium’s shop price index showed a 1.5% annual rise in January, up from a 0.7% gain in December.
Food prices were 3.9% higher than a year earlier, up from a 3.3% rise in December and the biggest increase since October.
“Any suggestion that inflation has peaked is simply not borne out by these figures,” BRC Chief Executive Helen Dickinson said.
“Shop price inflation jumped this month due to high business energy costs and the hike to National Insurance continuing to feed through to prices. Meat, fish and fruit were particularly affected,” she added.
Non-food prices rose by 0.3%, also the biggest annual rise since February 2024.
