Rise in food bills piles pressure on debt-hit consumers
Rise in food bills piles pressure on debt-hit consumers
Thursday 10th July 2008
According to the British Retail Consortium (BRC), the cost of groceries was up by one per cent during the month.
This meant that the price of food has risen by seven per cent since June last year.
The BRC's research also revealed that the cost of non-food goods rose for the first time since December 2006.
Howard Archer, chief economist at financial research company Global Insight, said: "While shop prices continue to be pushed up primarily by high food prices…non-food prices edged up in June, which will lift concern retailers are increasingly trying to pass on their elevated costs."
The rise in food costs has been fuelled by an increase in agricultural prices paid by retailers, which have risen by between 60 per cent and 80 per cent over the last 12 months.
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