Fill the tank or rather the fridge? For many Brits, this question is becoming more and more acute in the face of skyrocketing prices.
Rising commodity and energy costs have pushed UK food inflation to record levels. In October, consumers paid 11.6 percent more than in the same month last year, according to the monthly index published today by the retail association BRC and the market research institute Nielsen IQ.
Food inflation had already reached a record high of 10.6 percent in September and is now well above the three-month average of 9.7 percent. Even basic products such as tea bags, milk and sugar have increased significantly, it said. Prices for fresh products even rose by 13.3 percent. Overall, therefore, retail prices climbed by 6.6 percent.
“Prices have been pushed up by the significant input cost pressures retailers are facing due to rising commodity and energy prices and a tight labor market,” said BRC CEO Helen Dickinson. While some supply chain costs are slowly coming down, this is more than offset by high energy costs. “This means there is a difficult time ahead for retailers and households alike,” Dickinson said.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
