Prices in UK raise the most since 2012
The recovery of an economy is reflected in its currency against major currencies and popular countries who constantly look to put money into UK.
March 12, 2021UK open its border for the fully vaccinated without any restrictions
February 14, 2022A recent report from Reuters revealed that UK retailers raise shop prices by most since 2012 and this is hitting British shoppers adding signs of inflationary momentum
British Retail Consortium revealed that average food prices in UK rose by 2.7% – the most since October 2013 and up from 2.4% in December – which reflected poor harvests, labour shortages and rising global food prices with the bigger impact came from non-food prices rose by 0.9% led by furniture and flooring.
Britain’s consumer price inflation rate, which measures a broader range of spending, hit a 30-year high of 5.4% in December, almost three times the Bank of England’s 2% target, and is expected to squeeze demand for non-essentials this year.
The surge in energy and travel costs is also starts to impact disposable incomes and is likely to dent consumers’ willingness to spend.
NielsenIQ findings showed nearly a half of all households cited the rising cost of living as their most important concern.
With high inflationary pressures, property prices will also be affected as cost of building these properties will also increase from rising energy cost, raw material costs and labour costs going forward.
