United Kingdom: Food inflation rises to record 11.6 percent
Rising commodity and Energy costs have pushed food inflation in the U.K. to a record high. In October, consumers paid 11.6 percent more than in the same month last year, according to the monthly index published on Wednesday by the retail association BRC and the market research institute Nielsen IQ.
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Food inflation had already hit a record of 10.6 percent in September, and now it was again well above the three-month average of 9.7 percent. Even basic products such as tea bags, milk and sugar increased significantly, it said. Prices for fresh produce rose as much as 13.3 percent. Overall, retail prices climbed 6.6 percent, according to the report.
"Prices were driven up due to the significant input cost pressures retailers are facing from rising commodity and energy prices and a tight labor market," BRC chief executive Helen Dickinson said.
While some supply chain costs are slowly coming down, she said, this is more than offset by high energy costs. "This means retailers and households alike are in for a tough time," Dickinson said./bvi/DP/zb (dpa)
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