Shop prices soar as inflation hits highest rate since 2008

Shopper checking the price of a supermarket item

Shop prices have soared across all the metrics with inflation hitting the highest point in 14 years, with consumers facing the biggest cut in income since the 1970s.

According to the latest BRC-NielsenIQ Shop Price Index data, shop price annual inflation accelerated to 3.1% in June, up from 2.8% in May - above both the six and 12 month average increases and its highest point since September 2008. 

Food inflation surged 5.6% in June, up from 4.3% in May - the highest rate since June 2011. 

Non-food inflation decelerated 1.9%, having jumped 2% in May. Despite the fall, non-food inflation remains close to the highest it has been since the shop price index began. 

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