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2 Nov, 2022 14:37

UK food inflation soaring

Energy prices are driving the costs of essentials to unseen levels
UK food inflation soaring

Food inflation in the UK soared to a record 11.6% in October, as even basics such as tea, milk, and sugar became much pricier, according to new figures released by the British Retail Consortium-Nielsen Shop Price Index on Wednesday.

Food price growth was well above September’s 10.6% and the three-month average rate of 9.7%, according to the British Retail Consortium (BRC).

The cost of fresh food in British shops jumped by 13.3% in October compared to last year, and was sharply up from the 12.1% rise recorded in September, which is the biggest annual increase since 2005, when the BRC started collecting the data.

“Prices were pushed up because of the significant input cost pressures faced by retailers due to rising commodity and energy prices and a tight labor market,” BRC CEO Helen Dickinson, said, adding that it would be hard for retailers not to hike prices again in the run-up to Christmas.

The report shows that essentials such as tea bags, milk, and sugar saw some of the most significant price rises. Non-food inflation at supermarkets accelerated to 4.1% in October, up from 3.3% in the previous month. Overall shop prices are now 6.6% higher than they were in the same period last year.

For more stories on economy & finance visit RT's business section

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