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UK food inflation reaches highest rate ever recorded

According to data from the British Retail Consortium (BRC) and the NielsenIQ shop price index, UK food inflation hit 10.6 percent in September. For fresh food, inflation increased to 12.1 percent, up from 10.5 percent in August, also the highest rate in the category ever recorded.

BRC chief executive Helen Dickinson OBE: “While the summer drought diminished some harvests, other produce benefitted from the prolonged sunshine, helping to bring down prices for fruits such as strawberries, blueberries, and tomatoes.”

Overall, shop price annual inflation accelerated to 5.7 percent in September. This marks an increase from the 5.1 percent in August and another record for shop price inflation. Consumers are expected to decrease their spending in the coming months, while many retailers are worried about meeting their own increasing overheads.

It comes as firms like Aldi and John Lewis have said in recent days they are prepared to sacrifice profit in order to keep prices competitive for shoppers.

Source: fpcfreshtalkdaily.co.uk

Photo source: Dreamstime.com


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