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Food price inflation continued to rise for the sixth consecutive month, driven by increasing meat and tea prices, according to a survey. The latest shop price monitor from the British Retail Consortium (BRC) revealed that food prices rose by 4% in the year to July, up from a 3.7% increase in the year to June. Chief executive Helen Dickinson highlighted that global shortages of staples like meat and tea have significantly impacted wholesale prices.
The survey also indicated that inflation for fresh food, including fruits and vegetables, remained at 3.2% in the year to July, while inflation for cupboard goods rose to 5.1% during the same period. Families have likely noticed the uptick in their food bills as prices for essentials such as meat and tea surged due to limited global supplies. Andrew Keeble, managing director of Heck Sausages, attributed the rising prices, particularly for beef and chicken, to various factors including avian flu and reduced stock intensity.
Inflation in food prices contributed to the higher-than-expected increase in UK inflation for the year to June, as per the Office for National Statistics (ONS). UK inflation, measured by the Consumer Price Index (CPI), saw a jump to 3.6% from 3.4% in May. The ONS reported that prices for food and non-alcoholic beverages rose by 4.5% in the same period, marking the highest rate since February 2024. Mike Watkins from NIQ expressed concern regarding the impact of increasing inflation on High Street retailers striving to retain customers over the summer season.
Despite the challenges posed by rising food prices, there were some positives noted in the research, with discounts in fashion and furniture offering consumers opportunities to update their wardrobe and homes. Overall shop price inflation climbed to 0.7% in July, an increase from 0.4% in June and higher than the three-month average of 0.3%. According to Worldpanel by Numerator, food prices had risen by 5.2% compared to the previous year, driven by increases in the prices of chocolate, butter, spreads, and fresh meat
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