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Thursday, November 30, 2023

Everyday essentials surge in price as food inflation rises to a record 11.6%

Having already been hit with rising fuel and energy bills, shoppers are now being stung at the till will soaring prices for everyday essentials like milk and sugar.

According to new figures from the British Retail Consortium, food inflation soared to a record 11.6% in October.

Overall shop prices are now 6.6 per cent higher than they were this time last year – also a record – but food inflation jumped well above September’s 10.6 per cent and the three-month average rate of 9.7 per cent, according to the Nielsen Shop Price Index.

Fresh food prices are now 13.3 per cent more than last October, up from 12.1 per cent in September.

Non-food inflation accelerated to 4.1 per cent, up from 3.3 per cent.

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BRC chief executive Helen Dickinson said: “It has been a difficult month for consumers who not only faced an increase in their energy bills, but also a more expensive shopping basket.

“Prices were pushed up because of the significant input cost pressures faced by retailers due to rising commodity and energy prices and a tight labour market.

“While some supply chain costs are beginning to fall, this is more than offset by the cost of energy, meaning a difficult time ahead for retailers and households alike.”

Which? head of food policy Sue Davies said: “Soaring food prices are a real concern, and our research shows millions of consumers are already skipping meals or struggling to put healthy meals on the table due to the cost-of-living crisis. It is vital that households get the support they need from the government and businesses.

“Supermarkets have a crucial role to play in helping their customers navigate the tough months ahead. Budget lines for healthy and affordable essential items need to be widely available across their stores and they should ensure shoppers can easily compare the price of products to get the best value. Promotions should be targeted at supporting those most in need.”

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