Monday, May 29, 2023

UK food inflation eases to 17.2% in May

LONDON (Reuters) – British food inflation eased slightly for a second month in a row in May but remained near a record high, industry data showed on Tuesday, giving consumers little comfort from the cost of living crisis.

According to Kantar, annual grocery inflation stood at 17.2% in the four weeks to May 14, down from 17.3% in April but the third-highest rate since 2008.

British households now face an 833 pound ($1,051) increase in their annual shopping bill if they do not change their behavior to cut costs.

Prices are rising fastest on items such as eggs and non-refrigerated cooking sauces.

Kantar data for May provides the most up-to-date snapshot of UK inflation.

Official UK data released last month showed headline consumer price inflation eased to 10.1% in March. However, prices for food and non-alcoholic beverages rose 19.1% in March, the biggest increase since August 1977. The official figures for April will be released on Wednesday.

The Bank of England said earlier this month that headline inflation is expected to decline at a slower pace than expected, mainly due to an unexpectedly strong and persistent rise in food prices.

Grocery retailers have said they expect prices to increase in 2023, but with a declining rate of inflation throughout the year.

The prices of some products such as milk, butter, bread, pasta and vegetable and sunflower oils have started to decline.

(1 dollar = 0.7923 pounds)

Nation World News Desk
Nation World News Desk
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