The price of food rose at its fastest rate since 2008 in August as pressure from the war in Ukraine continued to push up costs, figures show. And we can expect to see prices continuing to rise at similar rate for at least the next six months, say experts.
Shop price annual inflation surged to 5.1%, up from 4.4% in July, marking a new record since the British Retail Consortium (BRC) and NielsenIQ index started in 2005. The overall figure was driven by food inflation accelerating to 9.3%, up from 7% last month – the highest rate since August 2008.
It comes as the war in Ukraine and consequent rise in the price of animal feed, fertiliser, wheat and vegetable oils placed mounting pressure on prices. The annual increase in fresh food prices jumped to 10.5%, up from 8% in July, with products such as milk and margarine seeing the biggest rises.
