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Irish shopkeeper has said that the rate of price increases "should slow down by the summer months" but are not likely to be reduced. Over the past year food inflation has been around 19% in shops, adding further pressure to households that have already been struggling with rising energy bills and the cost of living crisis. In recent weeks, prices in the shops have increased even further with a new benchmark being set for items that normally cost £1, now costing £1.25 as standard while also being smaller in size than they had previously been. Read more: Northern
Ireland energy firms: How the costs compare following new April
tariffs Speaking to Belfast Live, a Northern Irish shopkeeper said that the energy bills have been a big factor in the price rises as well as the introduction of the new living wage rate introduced on April 1 and that shops and supermarkets have factored in these costs in the weeks prior. The shopkeeper said: "Over the past year or so I have not seen this level of price increases with certain products rising two or three times during that period when normally there would just be an annual mark up. "There are a number of factors behind this which include inflation and energy prices and more recently the introduction of the new living wage rate which shops will have factored into their costs prior to its introduction on April 1. "While this will be a boost to shop staff and help them through the cost of living crisis, businesses will see their overheads become even more costly and some could be paying thousands more each month as a result and some of this will have to be passed on to the consumer. "Although, despite this, there hasn't been a fall in footfall within shops, especially when compared to the financial crisis in 2008 which had a huge impact on small businesses in particular. "Businesses across
Northern Ireland are also feeling the impact of rates increases which will make it difficult to reduce drive inflation and it doesn't feel like there is a fair playing field for them here when businesses in
England and Wales are receiving a 75% rates reduction to help them in this cost of doing business crisis. "The lack of Government in Northern Ireland is playing a part as money sent here is not able to be allocated which is not helping both consumers and businesses. "There are some signs of optimism for the future though and energy prices are beginning to drop which should hopefully see the rate of price increases slow down over the coming months and I think we should start to see these level off in the summer months. "But this does not mean that we are going to see prices in the shops starting to go down, just that the rate of increases will, with a benchmark now being set for certain products." READ NEXT: Belfast deputy lord mayor won't seek re-election to be 'more present' for baby daughter Barrier placed at Belfast city centre cycle lane after woman injured in fall Two MLAs hit £7,000 office costs spending limit three months early amid rising energy bills New Northern Ireland planning applications portal "unacceptably poor" says architecture group For all the latest news, visit the Belfast Live homepage here. To sign up to our FREE newsletters, see here. Story Saved You can find this story in My Bookmarks. Or by navigating to the user icon in the top right. Follow BelfastLive
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