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UK Food Prices Soar to 45-Year High Amidst Double-Digit Inflation.

todayFebruary 15, 2023

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Official figures show that the price of olive oil, sugar, and low-fat milk all increased by more than 40% in the year to January, with cheese prices rising by more than 30% and other staples such as butter and eggs up by over 20%. Although the overall UK price inflation rate dropped to 10.1% for the month from 10.5% in December, grocery prices remain at a 45-year high. Food inflation also remained high at 16.7% in the year to January, with grocery prices and energy bills identified as the main drivers fuelling overall inflation by the Office for National Statistics.

 

The managing director of Co-op Food, Matt Hood, warned that food prices will remain high this year. Pay, excluding bonuses, increased at an annual pace of 6.7% between October and December 2022 but is failing to keep up with the cost of living as when adjusted for inflation, regular pay fell by 2.5%. The Bank of England is charged with meeting a 2% target, but inflation rates remain well above this, with Chancellor Jeremy Hunt warning the “fight is far from over” on rising prices.

Written by: Relaks Radio

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todayFebruary 15, 2023

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