Rolling coverage of the latest economic and financial news, as UK fresh food prices climb at record pace
Soaring food prices hit the poorest hardest, as they spend a greater proportion of their income on essentials such as food and energy.
They could also spur the Bank of England to raise interest rates again, at its next meeting in mid-December.
The BRC-Nielsen IQ Shop Price Index points to record highs all round as rising costs across the board from wages to energy and agriculture are being passed on to consumers in terms of higher prices, especially for meat, eggs, and dairy.
Increasing essential food prices are adding to the cost-of-living crisis, unfairly impacting those at the lower at of the income spectrum more acutely.
Shoppers will be managing their budgets more closely than at any time since the start of cost-of-living crisis.
Retailers are now responding by offering seasonal savings and price cuts and will be hopeful of an uptick in shopper spend as we move into December.”
“Christmas should be the season of joy, not sorrow.
“If so many people are worried they can’t even afford one of the most important meals of the year, it’s a red flag that poverty is creeping further into our communities.”
