The cost of food continues to mount but a retail body says inflation across the sector as a whole is being held back by discounting in a bid to shift stock.
"Not only did the cold snap force people to spend more on their energy bills, but the prices of many essential foods also rose as reverberations from the war in Ukraine continued to keep high the cost of animal feed, fertiliser and energy," she said."Non-food price rises eased as some retailers used discounting to shed excess stock built up during the disruptions to supply chains, meaning some customers were able to bag bargain gifts.
The New Year is not set to deliver any major turnaround in economic fortunes, with demand held back by high inflation and rising interest rates to help tackle the pace of price rises.has peaked - for the foreseeable future at least - but it is expected to remain stubbornly high throughout the winter.
Mike Watkins, head of retailer and business insight at NielsenIQ, said:"Consumer demand is likely to be weak in Q1 due to the impact of energy price increases and for many, Christmas spending bills starting to arrive.
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