Food inflation surges to 12.4% amid predictions of ‘increasingly bleak’ winter
Households are now facing shop prices that are 7.4 per cent higher than last November
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Your support makes all the difference.Food inflation has hit a new record of 12.4 per cent amid predictions of an “increasingly bleak” winter and as many people worry about being able to afford Christmas dinner.
Households are now facing shop prices that are 7.4 per cent higher than last November, and up from 6.6 per cent in October.
The new figures have set another record since the British Retail Consortium (BRC) records began in 2005.
Just last month, food inflation soared to 11.6 per cent as basics such as tea bags, milk and sugar saw significant price increases.
But food inflation has now accelerated to 12.4 per cent, making it the highest rate on record as soaring energy, animal feed, and transport costs led to increased prices.
Fresh food inflation has also risen higher to 14.3 per cent, which is up 13.3 per cent from last month, mostly due to the cost of meat, eggs, and dairy, according to the BRC-Nielsen IQ Shop Price Index.
The cost of coffee also “shot up”, while Christmas gifts are set to become more expensive than in previous years, with sports and recreation equipment seeing particularly high increases, the BRC said.
BRC chief executive Helen Dickinson said: “Winter looks increasingly bleak as pressures on prices continue unabated.
“While there are signs that cost pressures and price rises might start to ease in 2023, Christmas cheer will be dampened this year as households cut back on seasonal spending to prioritise the essentials.”
Earlier this week, new research showed that two-thirds of adults are worried about being able to afford Christmas dinner as a result of food inflation.
A survey for the Salvation Army revealed that 16 per cent of people were expecting to use a food bank to get items for their meals.
Mike Watkins, head of retailer and business insight at NielsenIQ, said: “With prices still rising, the cost of Christmas will be higher this year and shoppers will be managing their budgets more closely than at any time since the start of the cost-of-living crisis.
“Retailers are now responding by offering seasonal savings and price cuts and will be hopeful of an uptick in shopper spend as we move into December.”
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