National insurance hike and energy bills behind food price rise, say UK retailers
AI Summary
UK retailers are attributing rising food prices to increased energy bills and the hike in employers' national insurance contributions (NICs) implemented in April 2024. According to the British Retail Consortium (BRC), overall shop price inflation rose to 1.5% in January, with food prices increasing by 3.9% year-on-year. The BRC argues that Chancellor Rachel Reeves' decision to increase NICs and lower the threshold for contributions has significantly increased employment costs for retailers, which are now being passed on to consumers. The rising costs are affecting meat, fish, fruit, furniture and other non-food categories. While retailers are trying to mitigate the impact, they say thin margins and government policy make it harder to keep prices down.
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