- Retailers are warning that the full impact of the Iran war will soon hit supermarket shelves, despite a slight decrease in shop price inflation to 1 per cent in April.
- Soaring fuel prices are expected to increase costs for farmers, which will subsequently lead to higher prices for livestock and vegetables.
- Helen Dickinson of the British Retail Consortium stated that retailers are already facing significant cost pressures from domestic policies, which will be exacerbated by rising fuel, fertiliser, and commodity prices.
- Sir Keir Starmer admitted that the financial pain from the conflict could be long-lasting, even after the Strait of Hormuz reopens, and urged the public not to panic.
- Market research firm NIQ anticipates that increased fuel prices will drive inflation across food and non-food supply chains, with the Food and Drink Federation forecasting food inflation could reach 10 per cent by year-end.
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