British shop price inflation accelerates in May due to Iran war energy costs

British shop price inflation sped up in May on the back of disruption and ​higher energy costs caused by the Iran ‌war, according to a retail industry group which said the government had to do more to keep costs ​down. The British Retail Consortium’s monthly survey of ​major chains published this week showed that ⁠prices in May were 1.2 per cent higher than a ​year earlier, up from a 1.0 per cent rise in ​April. Food price inflation slowed to 2.7 per cent, its lowest in a year, from 3.1 per cent. Furniture and health and beauty products rose ​by the most reflecting rising raw material and ​shipping costs. BRC Chief Executive Helen Dickinson said the government – which ‌has ⁠pressed supermarkets to slow price increases and flirted with the idea of demanding price caps this month – had to play its part in bringing ​down costs ​for retailers. “Reducing ⁠the non-commodity charges, taxes and levies that make up more than two-thirds of ​energy bills, and cutting red tape ​would ⁠help keep inflation down,” Dickinson said. Britain’s broader official consumer price inflation index fell to 2.8 per cent in April but ⁠is ​expected to rise again to ​around 4 per cent in the coming months due to the energy ​price shock.]]>