UK shop prices increased at the fastest pace in more than a decade in March, data released by the British Retail Consortium showed on Wednesday.
The shop price index advanced 2.1 percent on a yearly basis in March, following a 1.8 percent rise in February. This was the fastest increase since September 2011. Non-food prices were up 1.5 percent.
There have been mounting cost pressures throughout the supply chain for some time, including rising wages, input costs, global commodity prices, energy, and transport, Helen Dickinson, chief executive at BRC, said. Many of these costs are beginning to be exacerbated by the situation in Ukraine, but the full impact on prices is yet to be seen, said Dickinson.