Even higher food prices to swallow
Food and drink prices could rise even higher than previously expected – with meat, fruit, vegetables, dairy and bread seeing the biggest increases, a new forecast has suggested.
The rate of food price inflation will reach a peak year-on-year of between 17% and 19% in early 2023 – up from its previous forecast of a peak of between 14% and 16% – the Institute of Grocery Distribution said.
The latest predicted rise was described as a “fairly daunting prospect” by James Walton, chief economist at the grocery insight provider. He told MPs on the Environment, Food and Rural Affairs Committee that it is not just the poorest households struggling. He said: “Food stress is becoming increasingly prevalent in the UK not just among the least well-off households, but actually among households further up the income ladder.”