Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

UK food price inflation hits new record high in December - BRC

Published 04/01/2023, 07:32
Updated 04/01/2023, 07:40
© Reuters.  UK food price inflation hits new record high in December - BRC

© Reuters. UK food price inflation hits new record high in December - BRC

Proactive Investors - UK food price inflation hit a new record high in December according to the British Retail Consortium (BRC) which predicted 2023 would be another tough year for consumers and businesses.

Annual food inflation leapt to 13.3% in December, up from 12.4% in November, according to the figures compiled by the BRC and data firm Nielsen, the highest monthly rate since it began collecting data in 2005.

The BRC said high prices for animal feed, fertiliser and energy fed into increased food prices on supermarket shelves and cautioned that consumers would probably face further hikes this year.

“It was a challenging Christmas for many households across the UK,” said the BRC’s chief executive, Helen Dickinson.

“Not only did the cold snap force people to spend more on their energy bills, but the prices of many essential foods also rose as reverberations from the war in Ukraine continued to keep high the cost of animal feed, fertiliser and energy.”

Dickinson also warned “2023 will be another difficult year for consumers and businesses as inflation shows no immediate signs of waning.”

Inflation in fresh food was even higher with growth in early December hitting 15%, another record high, although the overall annual rate of shop price inflation reported by its members - mostly large retail chains and supermarkets - dropped to 7.3% from 7.4%.

This was driven by a drop in inflation for non-food items to 4.4% from 4.8%.

Read more on Proactive Investors UK

Disclaimer

Latest comments

No mention of poor exchange rate and huge proportion of UK food is imported?
Poor and broke
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.