UK Retail Inflation Report summary
March 2022
Period covered: Period covered: February 2022
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Subscribe to access this data or take out a free 30 day subscription trial now.
The headline rate for inflation rose by 00 percentage points to 00% YoY (5.5% last month) – at least a 30-year high. On a MoM basis, inflation rose by 00%, the largest monthly increase between January and February for 13 years. This was above economists’ expectations of inflation rising by 00%.
The sharp rise was driven by a range of categories including Clothing & Footwear, Food, Furniture & Flooring, Energy and Transport.
Clothing & Footwear inflation reached a new record high rate of 00% YoY in February (up from 6.3% last month). Prices rose 0.8% this year MoM compared with a fall a year ago when discounting was more prevalent during the national lockdown and prices were not following ‘typical’ seasonal sales patterns.
Food Inflation also rose to its highest level since September 2011 with inflation accelerating across many consumer staples; Pasta and Couscous (+00%), Poultry (+00%), Eggs (+00%) and Coffee (+00%).
Elsewhere, Furniture and Household Goods inflation accelerated further (+9.2%) with Furniture, Furnishings & Carpets (+00%) and Refrigerators (+00%) key drivers.
As expected Motor Fuel prices rose in February following a slight easing last month. The average price of petrol was 00 pence per litre (ppl), a record high. Diesel prices also reached the record high price of 00. Further upward pressure is expected next month as prices at the pump hit fresh record highs earlier in March as retailers passed on the higher wholesale costs of oil to customers.
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RPI surges in February
Source: ONS
