Retailers are evidently seeing confidence returning among high street shoppers as shop prices have risen through the month of November, a positive sign for the retail sector.
The British Retail Consortium (BRC) revealed a 0.3% year-on-year rise in shop prices for the month of November 2021.
This is by comparison to a 0.4% year-on-year decrease for the previous month, and reportedly marks the first time prices have risen since May 2019.
On the non-essential shopping side, non-food deflation slowed to 0.1% in November compared to the decline of 1.0% in October.
This, the BRC revealed, is a slower rate of decline than the 12- and six-month average price declines of 2.0% and 1.0%, respectively, and is also the slowest rate of decline since May 2019.
Helen Dickinson, chief executive of the British Retail Consortium, said: “November saw overall year-on-year prices increase for the first time in two and a half years, driven by rising food prices, and non-food deflation slowing.
“The impact of labour shortages, rising commodity prices and transportation costs have now very clearly taken their hold on consumer prices.
“With ongoing labour shortages throughout the supply chain expected to continue for some time, and no signs that rising costs of transport and commodities will subside, we expect the rate of inflation to accelerate over coming months.
“Retailers are doing all they can to mitigate the impacts for their customers; Government also must play its part and work with industry to find long-term solutions to the labour shortages as this will help to relieve cost pressures and protect the pockets of the British public who are already facing mounting costs from increasing energy prices and the looming rise in national insurance.”