The cost of store items, known as shop price inflation, rose 9% through the year to May, a fresh high for an index that dates back to 2005, according to the British Retail Consortium. Food inflation dipped slightly to 15.4% in May, but that’s still the second-highest rate on record. Lower energy and commodity costs helped reduce prices of some staples, including butter, milk, fruit and fish.
Price controls distort markets and should only be used “in extreme circumstances,” Neal Shearing, group chief economist at Capital Economics, wrote in a note Tuesday. “The current food price shock does not warrant such an intervention,” he added. The Sunday Telegraph was first to report the government’s proposal, which was quickly rejected by retailers.
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