UK shop prices jump 0.7 per cent in July, fastest annual rise since April 2024

British shop prices rose by the most in more than a year in the 12 months to July and food prices grew more strongly, according to a survey that adds to other inflation signals and underscores the Bank of England’s interest rate dilemma.

Overall shop prices in July rose by 0.7 per cent in annual terms – the largest rise since April 2024 – after a 0.4 per cent rise in the 12 months to June, the British Retail Consortium said on Tuesday. Food prices jumped by 4.0 per cent, speeding up from a 3.7 per cent rise in June...