UK Food Inflation
UK food inflation hits record high of 17.5 pc
London: Food price inflation in the United Kingdom has hit a record high of 17.5 percent, which could increase the average annual household grocery bills by 837 pounds ($1,029), UK data analytics and consulting company Kantar said on Tuesday.
"Grocery price inflation has climbed again to reach 17.5 percent over the four weeks to 19 March 2023, a new record based on our latest market data. Households are now facing an £837 increase in their annual shopping bills if they don’t change their shopping behaviours," the consulting company said.
Home food sales as a whole rose 8.6 percent in 12 weeks since the beginning of the UK sales year, the statement read. Grocery store traffic also increased in March, with each household going to stores more than four times a week, which is the highest rate since the beginning of the pandemic except for the Christmas period, according to the statement.
Since the beginning of the year, the UK has faced several strikes by workers demanding higher wages amid surging costs of living. Last week, the Bank of England raised the interest rate by a quarter of a percentage point to 4.25 percent and stated its readiness to increase it even higher if inflation continues to grow.
Annual domestic inflation went up to 10.4 percent from 10.1 percent in February.
(With UNI inputs)
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