Friday briefing: Food prices continue to surge – how will the UK and the rest of the world respond?

A Tesco staff loads shelves at a supermarket in London, Britain, 19 April 2023. Photograph: Andy Rain/EPA

Good morning.

It feels like every time you go into a shop the prices have risen by a gazillion percent. Inflation in the UK slowed marginally last month – the latest inflation data from the Office for National Statistics (ONS) shows that it decelerated from 10.4% to 10.1% – but economists expected it to dip to 9.8%. And with over a year of rapid price rises these numbers are unlikely to be much consolation for those struggling with food inflation, which remains at a staggering 19.1% – the highest level since 1977 – with some products, like olive oil, up by 49%.