UK FOOD PRICES SKYROCKET: REPORT

Thu 11 May 2023:

British households have been hit with a record jump in food prices as decades-high inflation continues to cripple the economy, according to the latest figures from the British Retail Consortium (BRC).

A report by the trade body, which represents UK supermarkets, showed on Tuesday that fresh food prices soared by 17.8% in April on an annual basis, while prices for tinned goods and other store-cupboard items accelerated by 12.9%, RT reported.

According to the BRC-NielsenIQ shop price index, prices were up 8.8% last month compared to the same period in the previous year, while slightly down from 8.9% in March.

“Overall shop price inflation eased slightly in April due to heavy spring discounting in clothing, footwear and furniture,” BRC Chief Executive Helen Dickinson was quoted as saying by Sky News.

“However, food prices remained elevated given ongoing cost pressures throughout the supply chain,” she added.

Dickinson indicated that some goods, such as ready meals, have been seeing price rises due to “the knock-on effect” from increased production and packaging costs.

Meanwhile, head of retail and business insight at NielsenIQ, Mike Watkins, noted that with inflation yet to peak and sales volumes mostly in decline, “it’s difficult to second guess the strength of consumer confidence”.

Official figures showed last month that the rate of inflation in Britain had eased slightly but still remains above 10%, with food and drink costs at a 45-year high.

According to the Trussell Trust charity, almost three million emergency food parcels have been handed out at UK food banks in the past year, with the number provided for children topping a million for the first time.

The Bank of England’s chief economist, Huw Pill, stated earlier that British households and businesses needed to accept that they are poorer and should stop asking for wage increases and pushing prices higher.

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