UK shop prices grew at a faster pace in December, data from the British Retail Consortium, or BRC, revealed Tuesday.
Shop prices climbed 0.8 percent on a yearly basis in December, following a 0.3 percent gain in November, which was the first rise in two-and-a-half years.
Food prices rose at a faster pace of 2.4 percent driven by the sharp growth in fresh food prices. Meanwhile, non-food prices dropped 0.2 percent.
The trajectory for consumer prices is very clear: they will continue to rise, and at a faster rate, Helen Dickinson, Chief Executive at BRC said. Retailers can no longer absorb all the cost pressures arising from more expensive transportation, labor shortages, and rising commodity and global food prices, Dickinson added.