According to the latest BRC-Nielsen shop price index, last month saw the highest rate of inflation since July 2011. The rate of shop price inflation was 2.8% in May, notably higher than the 12- and six-month average increases of 0.7% and 1.9% respectively. In particular, fresh food inflation reached its highest rate in a decade, rising from 3.4% in April to 4.5% in May. BRC chief executive Helen Dickinson said: “Retailers have been working hard to protect their customers from these rising costs, particularly at a time when households are being impacted by a huge rise in household energy bills. It is likely to get worse before it gets better for consumers with prices continuing to rise and a further jump in energy costs coming in October.” NielsenIQ head of retailer and business insight Mike Watkins said: “The acceleration in food inflation reflects the fact that retailers can no longer absorb the full extent of increased supply chain costs now hitting the industry.”
The Mayor of London has announced a new initiative to name Night Time Enterprise Zones in the capital to support economic recovery. The £500,000 in funding will help create at least three zones in the city where boroughs will work with businesses and communities to boost nighttime activity. Example action could include improving women’s safety, extending opening hours and holding special evening events. A pilot of the scheme took place in 2019 in Waltham Forest and helped to increase footfall on the high street by 22%.
The latest Barclaycard Payments data shows that consumer spend in restaurants rose 41.5% over the Platinum Jubilee long weekend. Spending in pubs, bars and nightclubs was up 74.2% on the same period last year (although it is worth noting that some COVID restrictions were still in place at that time). "Spending soared across many sectors during the Platinum Jubilee weekend as Brits came together to celebrate and enjoy the sunny weather. Despite wider concerns around the cost of living, the hospitality sector especially will be pleased by this welcome boost, having missed out on two years of unrestricted trading,” said chief executive of Barclaycard Payments Rob Cameron.
London’s Camden Market is up for sale. The site, which attracts around 28 million visitors a year, is being offloaded by its owner Teddy Sagi after he previously put it up for sale in 2019 but took it off the market when the pandemic hit. It comprises three separate areas— Camden Lock Market, Stables Market and Buck Street Market— plus housing, co-working spaces and the Babylon Park leisure centre. It is hoped that the estate will attract offers as high as £1.5bn.