LONDON, March 3 (Reuters) – British store chains raised their prices less quickly last month, offering some respite for consumers grappling with the cost of living, the British Retail Consortium said on Tuesday.
Annual shop price inflation cooled to 1.1% in February, below the 1.5% increase in the 12 months to January but in line with its three-month average, the BRC said.
“Households got some welcome relief in February as shop price inflation eased,” said BRC chief executive Helen Dickinson. “While the direction of travel is promising, prices are still rising, and many consumers remain under pressure.”
The BRC said:
The Bank of England is monitoring food prices as it believes they play a significant role in shaping public inflation expectations. Britain’s overall consumer price inflation rate fell to a nearly one-year low of 3.0% in January.
However, global energy prices surged on Monday due to fighting between the United States, Israel and Iran which could add to inflation if sustained.
(Reporting by Suban AbdullaEditing by William Schomberg)
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