"The British Retail Consortium (BRC) stated that four in five people fear the conflict will push up food prices, as energy, shipping and raw material costs rise across global markets."
"Retailers have warned that while geopolitical disruption is playing a role, it is only one part of a wider cost squeeze facing the sector."
"The BRC said retailers are already absorbing significant additional costs linked to the conflict, including higher energy and shipping prices, with knock-on effects across fertiliser production, manufacturing and logistics networks."
"Food retailers raised concerns at a meeting with Chancellor Rachel Reeves, calling for the removal of energy policy levies, network charges and system fees, which account for between 57pc and 65pc of a typical business electricity bill."
UK retailers are urging the government to cut domestic business costs to help maintain consumer prices amid rising global instability linked to the Middle East conflict. The British Retail Consortium reports that 80% of consumers fear increased food prices due to rising energy, shipping, and raw material costs. Retailers are already facing significant additional costs and warn that these pressures will lead to higher prices in supermarkets. They call for action on regulatory costs, including employment and packaging taxes, to alleviate the financial burden on the sector.
Read at London Business News | Londonlovesbusiness.com
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