Prices in UK shops are continuing to increase, with new figures from the British Retail Consortium (BRC) showing the fastest rise in over a decade.
Shop price annual inflation accelerated to 1.8% in February from 1.5% in January, according to the BRC-NielsenIQ price index.
This marks the highest rate of inflation since November 2011.
Non-food inflation jumped to 1.3% in February, from 0.9% in January, while food inflation remained unchanged at 2.7%.
It comes after the latest figures from the Office for National Statistics (ONS) showed living costs rising at their highest rate for 30 years, BBC News noted.
“Food inflation remained the key driver behind higher prices, particularly for fresh food which has been impacted by poor harvests, both in the UK and globally,” explained BRC chief executive Helen Dickinson.
“Meanwhile, the increase from last month is a result of rising prices for non-food products, particularly health, beauty and furniture. There is little sign of change, with the Bank of England predicting price rises to continue until at least the spring.”
Dickinson noted that many households are already facing a drop in disposable income due to higher energy price rises and a rise in national insurance.
Mike Watkins, head of Retailer and Business Insight at NielsenIQ, said that shop prices are likely to continue to rise over the next few months.
Retailers will need to offer “choice and value and for some, discounts as well as added benefits for loyal shoppers,” he added.
