Food prices in the United Kingdom have soared by the fastest rate on record, adding 11.6% in October, up from 10.6% in the previous month, the British Retail Consortium estimated
MOSCOW (Pakistan Point News / Sputnik - 02nd November, 2022) Food prices in the United Kingdom have soared by the fastest rate on record, adding 11.6% in October, up from 10.6% in the previous month, the British Retail Consortium estimated.
"This is above the 3-month average rate of 9.7%. This is the highest inflation rate in the food category on record," the association of over 200 major retail businesses said in a statement on Wednesday.
Fresh food saw the highest price hike of 13.3% year-on-year in October, up from 12.1% in September, also a record for the category. Non-food prices rose 4.1%, from 3.3% in September. Altogether, the price of the average shopping basket grew by an annual 6.6%, the highest rate since record-keeping began in 2005.
"With Christmas fast approaching, customers are looking for any sign of respite, but it is increasingly difficult for retailers to shoulder the ongoing supply chain pressures," the association's CEO, Helen Dickinson, said.
British retailers have been struggling with rising commodity and energy prices exacerbated by labor shortages. The rising costs they passed onto consumers have been pushing up the prices of staple foods, such as teabags, milk and sugar.
"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," Dickinson warned.
