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Sunday, May 26, 2024

“Winter looks bleak” as food price inflation hits new high of 12.4%

Basic fridge fillers like eggs and dairy products rocketed in November as food inflation rose to new levels.

Shoppers felt the pinch last month with fresh foods leading the way in the increased prices, with inflation rising from 13.3% in October to 14.3% in November.

The war in Ukraine and Covid have driven up the price of food, energy and fuel over the last year, affecting consumers and businesses.

More rises are expected next year according to the British Retail Consortium and market research firm NielsenIQ.

Making cutbacks

Along with jumps in the price of fuel and energy, these price leaps are likely to hit the poorest households hardest as they already try to make cutbacks.

Shoppers can attempt to offset inflation by reeling in spending on non-essentials such as holidays or meals out or by ditching top labels for non-brands products.

Helen Dickinson, chief executive of the British Retail Consortium, said: “Winter looks increasingly bleak as pressures on prices continue unabated. Food prices have continued to soar, especially for meat, eggs and dairy, which have been hit by rocketing energy costs, and rising costs of animal feed and transport.

“Coffee prices also shot up on last month as high input costs filtered through to price tags. Christmas gifting is also set to become more expensive than in previous years, with sports and recreation equipment seeing particularly high increases.”

Coffee price was another staple that has shot up, while Christmas presents are set to become more expensive with sports and recreation equipment seeing major increases.

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