LONDON: According to an industry survey, retail inflation in Britain rose to 2.8 percent in May, up from 2.7 percent in April. This is the highest level since July 2011.
According to a report provided by the British Retail Consortium, food inflation rose to 4.3 percent in May, up from 3.5 percent in April, and is at its highest level since April 2012, according to Xinhua report.
Retail prices went up once again as commodity, energy, and transport cost continued to rise, according to Helen Dickinson, the industry body's chief executive. According to Dickinson, fresh food inflation touched its highest level since November 2012, with commodities like poultry and margarine witnessing some of the biggest rises due to surging animal feed costs and near-record global food prices.
In April, the energy price cap in the United Kingdom increased from 1,277 pounds (USD1,591) to 1,971 pounds per year for nearly 22 million customers. In May, the country's energy regulator warned that the cap would rise to about 2,800 pounds per year in October.
Consumers in the United Kingdom have experienced the greatest price increases in decades in recent months. Inflation grew by 9% in the year to April, and the Bank of England expects it to grow much more in the coming months, peaking at little more than 10% by the end of the year.
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