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Food price inflation has reached its highest level in 18 months, driven in part by rising costs of chocolate, butter, and eggs, according to a survey. The British Retail Consortium’s latest shop price monitor revealed that food inflation has hit 4.2% this month, up from 4% in July. This marks the highest level since March of last year, when it stood at 3.7%.
Helen Dickinson, the BRC’s chief executive, highlighted the significant increases in the prices of staples such as butter and eggs. She attributed the rise to high demand, tightening supply, and increased labour costs. Additionally, global cocoa prices have remained high, leading to more expensive chocolate due to poor harvests caused by climate change and crop disease.
Despite the challenges of rising food prices, there is some relief for parents as the new academic year approaches. Ms. Dickinson noted that clothing, books, stationery, and computing have seen lower prices. Mike Watkins, head of retailer and business insight at NIQ, which compiles the BRC’s shop price monitor, mentioned that the uptick in food prices reflects various factors, including global supply costs, seasonal food inflation driven by weather conditions, and an increase in underlying operational costs.
The overall inflation rate in the UK rose to 3.8% in the year to July, according to the latest official figures from the Office for National Statistics (ONS). Food and non-alcoholic beverage costs increased by 4.9% in the year to July, up from 4.5% in the previous year. The ONS data indicates a long-term trend of food prices rising by approximately 37% over the five years leading up to July
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