Shop prices are now 8.4% higher than they were a year ago, up from an 8% increase in January and well above the three-month average of 7.8%, according to the British Retail Consortium (BRC)-NielsenIQ Shop Price Index. Food inflation accelerated to a record 14.5% in February, up from 13.8% in January, while fresh food prices are also now a record 16.3% higher than a year ago, up from 15.7% in January. A weaker pound resulted in imports of fresh food from Europe, especially vegetables, rising in price. Inflation on products other than food hit a high of 5.3%, up from 5.1% last month and above the three-month average of ... (full story)