Shoplifting on the rise as cost-of-living crisis grows

Incidents of shoplifting in the UK increased by 18 per cent in the 12 months through June, stated a recent report, suggesting that theft in stores is on the rise along with the soaring cost of living.

As the highest inflation in more than four decades has pushed up prices on items ranging from bread to pasta, making it more difficult for consumers to afford basics, retailers are reporting increased numbers of thefts. 

With more inflation set to come, theft may spread further, and retailers have become more vigilant about shoplifting, or “shrink”, as the industry calls it, stated Sunday Times, adding that stores that used to attach anti-theft devices to pricey items such as alcohol have shifted to also protect unlikely products such as butter, cheese, washing detergent and protein bars, some of them retailing for £2. 

“It has been a theme this year, there’s no two ways about it,” the report quoted Marks & Spencer Group chief financial and strategy officer Eoin Tonge as saying. 

“When the inflationary period hit, we saw shrink increasing, as did the rest of the market place. There have been more measures put in place by most retailers, whether it be guards or tagging.” 

Richard Lim, CEO at research consultancy Retail Economics, pointed out that there is a pressure on families and personal budgets and also pressure over Christmas in terms of having to give gifts and all these are factors which could see shoplifting rise. 

Grocery price inflation has hit 14.7 per cent last month, adding an extra £682 to the average annual shopping bill. More than a quarter of UK households said they are struggling financially — twice as many as last year — and the majority said higher prices on food and drink are a major concern.  

The increase in energy bills and upcoming rises in mortgage rates are expected to put a serious strain on consumers across the country. About 16 per cent of households reported in April they were already having to skip meals, and many have turned to food banks for support. 

“There’s pressure on families and personal budgets and also pressure over Christmas in terms of having to give gifts,” Lim said.