UK retailers raise prices by most since 2024, BRC data shows

LONDON, Sept 1 (Reuters) - ‌British retailers ​raised ​prices by the most in more than two years last month, as higher energy prices ‌pushed up the cost of some processed food ⁠and the artificial intelligence boom raised the cost of consumer ‌electronics which use similar ‌components.

The British Retail Consortium said its monthly shop price index increased to an annual 1.5% in August ​from 0.9% in July, reaching its highest since February 2024.

"The impact of higher energy, input and ⁠commodity costs is beginning to filter through into prices, particularly for ambient ​foods which are typically imported and processed," BRC Chief Executive Helen Dickinson said.

"In non-food, ​electrical prices rose amid the ‌ongoing AI boom, which is forcing up the price of memory chips and storage," ⁠she added.

• BRC food price inflation rose to a four-month high of 2.8% in August from 2.2% in July

• ⁠BRC non-food inflation rose to 0.9% in August from 0.2% ​in July, its highest since February 2024

• Consumer price inflation measured by the Office for National Statistics — which covers more goods ‌and services than the BRC measure — rose to a four-month high of 2.9% ‌in July

• The Bank of England forecasts CPI will ⁠peak at 3.2% in ‌October and November, ​while food price inflation will reach 3.5% in December

(Reporting by David Milliken; Editing by Muvija ‌M)

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