THE cost of Christmas dinner will be almost ten per cent higher this year — but there’s a little New Year cheer for hard-pressed families, as food inflation has peaked.
The average price of a turkey meal for four will set families back about £31 this year, 9.3 per cent more than a year ago, according to Kantar figures.
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A frozen turkey is about 15 per cent more expensive, while potatoes have shot up by 20 per cent and parsnips cost 30 per cent more on average.
However, economists have said that food price inflation may have peaked and will start to slow as global agricultural prices have fallen by around a quarter in the past few months.
While Kantar figures showed food prices are 14.6 per cent higher than a year ago, the rate of inflation fell by 0.1 per cent last month — the first time it has gone down in almost two years.
“Grocery inflation still has a long way to come down”, said Fraser McKevitt at Kantar.
Soaring food prices are hitting poorer families hardest as supermarket budget ranges have risen faster than any other category, according to Which?
While own-brand lines are cheaper than big brands, research reveals they have risen by an average 18 per cent — more than industry inflation.
The ongoing supermarket price war has also put extra pressure on farmers.
The National Farmers’ Union (NFU) warned yesterday there could be shortages of tomatoes, cucumbers and pears as spiralling energy costs risked forcing their members out of business.
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Minette Batters, NFU president, said “I fear we’re sleepwalking into a further food supply crisis, with the future of fruit and vegetable supplies in trouble.”
Yesterday the Government held a meeting with the industry on how to deal with the egg crisis.
