British food prices at the highest level in the last 45 years

According to the report of the Fars International Economic Group, quoted by Bloomberg, Kantar Institute announced that the inflation rate in England has been at a high level since the financial crisis in 2008; Eggs, cooking sauce and frozen potato products had the biggest price increase.

According to the report, although food inflation in the UK has started to ease and fell for the third month in a row in June, it still stands at 16.5%.

According to Kantar statistics, the inflation figure of British food was 17.2% in May.

Another study by Lloyds Bank found that UK food production costs fell for the first time since 2016 in May.

The British Office for National Statistics announced that the growth of food prices in April reached 19.1%, which is the highest figure in more than 45 years.

The governor of the Bank of England, Andrew Bailey, had previously warned that the rate of inflation would be slower than expected.

“The constant pressure is clearly weighing on people’s minds,” said Fraser McQuitt, head of retail and consumer insights at the Kantar Institute.

“Of the top five financial concerns consumers have, rising food prices are the only one they worry about more now than at the beginning of the year.”

An index measuring the cost of finding food and drink products fell for the first time in more than seven years, a Lloyds survey showed.

British officials met with supermarket bosses earlier this month to discuss the price cuts, assuring them any plan to help lower food prices for consumers would be voluntary.

Ken Murphy, chief executive of Britain’s biggest supermarket chain Tesco, pointed to signs of food inflation easing last week after the company cut prices on bread, pasta and broccoli, but admitted that “prices are unlikely to go back to where they were. »

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