UK food price inflation hits new high of 12.4% By Proactive Investors
Economic Indicators 4 hours ago (Nov 30, 2022 10:40)
© Reuters. UK food price inflation hits new high of 12.4%
Proactive Investors – Food inflation hit a new record in November with prices soaring 12.4% over the last 12 months, according to the latest data from the British Retail Consortium (BRC).
No let up was in sight either with the BRC warning that Christmas will be pricier this year as well.
Helen Dickinson OBE, CEO of the BRC said: “Winter looks increasingly bleak as pressures on prices continue unabated.
“Food prices have continued to soar, especially for meat, eggs and dairy, which have been hit by rocketing energy costs, and rising costs of animal feed and transport.
“Coffee prices also shot up on last month as high input costs filtered through to price tags. Christmas gifting is also set to become more expensive than in previous years, with sports and recreation equipment seeing particularly high increases.”
The BRC-Nielsen IQ Shop Price Index showed that overall shop prices are now 7.4% higher than last November, up from 6.6% in October, setting another record high.
The data noted fresh food inflation rose even higher to 14.3%, up from 13.3% last month, driven particularly by the cost of meat, eggs and dairy.
Myron Jobson, senior personal finance analyst, interactive investor, said: “Going to the shops for groceries isn’t getting any cheaper – which does not bode well for shoppers on the eve of the festive season.”
“With the factors stoking food inflation showing no signs of abating, we may find some of our Christmas shopping more expensive this year,” he added.
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