The cost of food has gone up dramatically recently, but shops have not been passing on the cost of the increase to customers, it has been claimed.
In news which might be of interest to retail insurance customers, Richard Dodd, spokesperson for the British Retail Consortium, explains that stores have done a lot to protect consumers from inflated prices.
He said: "Customers would have noticed prices going up much more sharply if it hadn't been for retailers' efforts."
This is largely due to competition between shops, meaning stores are not keen to increase their prices, he added.
Retail insurance customers might like to note that research by the BRC, shows shop prices were up by 3.8 per cent in the year to August, while the cost of food increased by ten per cent over the same period.
A recent study by the Department for Environment, Food and Rural Affairs, indicated the poorest ten per cent of the population spend 15 per cent of their income on food, while food shopping accounts for 7.5 per cent of the richest ten per cent's income.
