Shop price inflation hits a new six year high

Speaking as the latest national figures show food inflation reached it highest level in six years during February, he said the recent rate rises were just another factor to depress the high street.

“Despite the best efforts of retailer to keep down prices, again we see inflation on food which will squeeze household budgets.

“Added to the fact that we have had the first non-food inflation and the highest over all shop prive inflation in six years, this inching up of prices makes for somewhat uncomfortable reading for Northern Ireland households who have half of the descretionary spending power of households in Great Britain.

“This is all before we see the cost rises that will occur if we leave the European Union without a deal in a mere 30 days,” he said.

“We will feel the cost rises of tariffs, customs, checks and delays most and that is why our message is as clear as it was at the start of this Brexit process.

“We need a fair deal for our consumers, we need the UK Government and the EU to put people before politics and economics before ideology; and most of all we need a deal to protect us from a no-deal.”

British Retail Consortium CEO Helen Dickinson said: “For the first time in almost six years the price of non-food goods rose, albeit slowly, as cost pressures which had been building in the supply chain over the past few years fed through into prices.

“This adds to gradual ongoing rises in food prices, resulting in the highest overall shop price inflation since March 2013.”

While price rises over the last six months had been relatively modest, a no deal Brexit would have a much more immediate and dramatic effect.

“If this happens, prices would rise as a result of any new tariffs, the cost impact of any delays at borders, increased administration, and the likely currency depreciation. Parliament must protect British consumers by agreeing a solution that avoids a chaotic no deal Brexit.”