Companies grappling with higher employment costs say price of food may rise by 4.2% in latter half of year
UK retailers have urged ministers to ease their tax burden as they said that the cost of food and other items will rise sharply throughout the year as companies grapple with higher employment costs.
Food prices are forecast to climb by 4.2% on average in the latter half of the year, while non-food items are likely to increase in line with inflation, which stands at 2.6%, according to modelling by the British Retail Consortium (BRC) and finance leaders of retail businesses.
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