UK Food Price Inflation Reaches Record 10.6% in September, Retail Consortium Says
Food price inflation in the United Kingdom has reached a record 10.6% in September, the SkyNews broadcaster reported on Wednesday, citing the British Retail Consortium (BRC).
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"Retailers are battling huge cost pressures from the weak pound, rising energy bills and global commodity prices, high transport costs, a tight labour market and the cumulative burden of government-imposed costs," BRC Chief Executive Helen Dickinson said in a statement published on trade association’s website.
Last week, the Bank of England raised its interest rate by 50 basis points to 2.25% from 1.75% per annum — the highest level since December 2008. According to the bank's forecasts, the annual inflation will reach its peak in October and will be slightly less than 11%.