Food prices in the UK rise more sharply than ever before

30-Sep-2022 - United Kingdom

Food prices in the U.K. have risen more than ever
because of Russia's war of aggression against Ukraine. Consumers paid 10.6 percent more than a year ago, according to the monthly index published Wednesday by retail association BRC and market research firm Nielsen IQ. Overall, retail prices rose 5.7 percent in September, also the highest since records began in 2005, according to the report.

The war continues to cause the cost of animal feed, fertilizer and vegetable oil to skyrocket, it said. That hit products such as margarine especially hard. Fresh food prices rose as much as 12.1 percent. This was also due to the long drought in the summer, which had reduced some harvests. The more frequent sunshine had only led to lower prices for a few products such as berries or tomatoes. So-called non-food products, such as garden items, became 3.3 percent more expensive.

BRC chief executive Helen Dickinson said retailers were under considerable pressure because of the weak pound and rising prices for energy, raw materials and transport. In addition, she said the labor market is struggling due to a lack of skilled workers. Business taxes are also set to rise significantly next year. Dickinson called on the government to reverse this move. Nielsen expert Mike Watkins pointed out that the number of consumers fearing consequences from rising living costs had increased enormously since the summer. They would therefore probably spend less money in the fall. This would further increase the pressure on the retail sector, Watkins said./bvi/DP/men (dpa)

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https://www.yumda.com/en/news/1177925/food-prices-in-the-uk-rise-more-sharply-than-ever-before.html