UK food prices skyrocket – data

Lazy eyes listen


According to the latest numbers from the British Retail Consortium (BRC), British households have been slapped with a record increase in food prices as decades-high inflation continues to devastate the economy.

According to a survey released on Tuesday by the trade organisation that represents UK supermarkets, fresh food prices increased by 17.8% year on year in April, while canned products and other store-cupboard items increased by 12.9%.

According to the BRC-NielsenIQ store pricing index, prices rose 8.8% last month compared to the same period the previous year, however this was marginally lower than the 8.9% increase in March.

“Overall shop price inflation eased slightly in April due to heavy spring discounting in clothing, footwear, and furniture,” Sky News quoted BRC chief executive Helen Dickinson as saying. “However, food prices remained elevated given ongoing cost pressures throughout the supply chain,” she noted.

Dickinson stated that some commodities, such as ready meals, have seen price increases as a result of “the knock-on effect” from higher production and packaging expenses.

Meanwhile, NielsenIQ’s head of retail and business insight, Mike Watkins, highlighted that with inflation still on the rise and sales volumes primarily in decline, “it’s difficult to second-guess the strength of consumer confidence.”

Official numbers released last month showed that the pace of inflation in the United Kingdom had slowed marginally but remained above 10%, with food and drink prices at a 45-year high.

According to the Trussell Trust charity, nearly three million emergency food packages were distributed at UK food banks in the previous year, with the amount provided for children exceeding a million for the first time.

Huw Pill, the Bank of England’s chief economist, previously indicated that British people and businesses must accept that they are poorer and should cease seeking for pay increases and pushing up prices.