Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

UK food price inflation hits record 10.6% as Ukraine war continues to bite

Published 28/09/2022, 10:09
Updated 28/09/2022, 10:40
© Reuters.  UK food price inflation hits record 10.6% as Ukraine war continues to bite

Food shoppers were charged a record 10.6% more for food in September than a year ago, according to the British Retail Consortium-Nielson IQ index.

Food inflation advanced past August’s 9.3% rise, largely attributed to the Ukraine war, which is responsible for catapulting prices of margarine, vegetable oil, animal feed and fertiliser.

Fresh food products and store cupboard staples – including pasta and tinned tomatoes – both reached their highest rate for the category on record, at 12.1% and 8.6% respectively.

Overall shop price inflation climbed to 5.7% in September, another high since the index began in 2005.

The summer drought diminished many harvests but other products benefitted hugely from longer periods of sunshine.

Strawberries, blueberries and tomatoes, for example, have all experienced falling prices from the improved crops.

NielsenIQ data outlined that 76% of customers say they anticipate being moderately to severely impacted by the cost-of-living crisis in the remainder of 2022, up significantly from 57% in the summer.

Helen Dickinson, British Retail Consortium chief executive, commented: "Retailers are battling huge cost pressures from the weak pound, rising energy bills and global commodity prices, high transport costs, a tight labour market and the cumulative burden of government-imposed costs.

"Government must urgently freeze the business rates multiplier to give retailers more scope to do more to help households."

Read more on Proactive Investors UK

Disclaimer

Latest comments

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.