Uk data – BRC Shop Price Index +8.4% y/y (prior +9%)

<p>British Retail Consortium monthly shop price index, a monthly measure of UK shop price inflation.</p><p>BRC survey results showed that prices in supermarkets
and retail chains rose 8.4% in June y/y</p><ul><li>prior was 9.0% in May, the highest rate since the BRC's records began in 2005</li></ul><p>BRC comments:</p><ul><li> "If the current situation continues, food inflation should
drop to single digits later this year." BRC chief executive
Helen Dickinson </li></ul><p>The drop will be welcomed by the Bank of England, which hiked its Bank rate by 0.5% last week in the face of persistently high inflation. </p><p>8.4% is nothing to be happy with though.</p>

This article was written by Eamonn Sheridan at www.forexlive.com.