Food prices at record high since 1970s despite inflation easing
UK food prices are at their highest levels for 45 years.
The Office for National Statistics (ONS) revealed that inflation eased to just over 10% in March, down from 10.4% in February.
However, figures show that the price of food has increased by 19.1% year-on-year – the biggest increase since 1977.
The Glasgow Standard has the details.
Economists had hoped that inflation would l drop into single figures, but sharp rises in essentials are keeping rates high.
Soaring energy costs and supply chain issues as a result of Russia’s invasion of Ukraine are just some of the main reasons.
Inflation is measured by the Consumer Price Index (CPI) which measures the average change in prices over time in a fixed market basket of goods and services.
Even common household items are affected by increases, with consumers continuing to face the brunt of the cost of living crisis.
Patrick Ring, a financial expert from Glasgow Caledonian University, says the economy’s current situation is down to a combination of circumstances.
He said: “We’ve had Brexit, we’ve had the war in Ukraine, the recent problems that Conservative government have made for themselves.
“All of these things have created problems with supply and the workforce availability.
“Inflation has been ten or 11% in the past couple of months, but for those who have less income, the inflation rate is higher in terms of what they purchase.”
According Financial website This is Money, shoppers are facing an £837 increase in their average annual food bill.
It comes as it was revealed people spend over £1,000 a year on unhealthy snacks during cost of living crisis.
