Good morning.
Rising retail price rises are set to hit consumers in the hip pocket in the coming weeks and months as a result of an increase in costs in commodities and shipping.
Prices climbed 0.4pc in August from the previous month, the British Retail Consortium said, with further hikes likely in the run up to Christmas as demand for shipping and raw materials grows even more.
Helen Dickinson, chief executive of the BRC, said: “There are some modest indications that rising costs are starting to filter through into product prices.
“Food retailers are fighting to keep their prices down as much as possible, but mounting pressures mean this will not be sustainable for much longer, and food price rises are likely.”
5 things to start your day
1) North Sea investment has sunk to lowest level since 1973: Oil and gas companies warn that Britain could rely on imported fossil fuels if domestic production declines even further.
2) Bosses reverse plans to downsize offices in hybrid push: Chief executives also plan takeover spree as confidence in the global economy rebounds…
