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. Shop price annual inflation surged to 5.1 per cent, up from 4.4 per cent 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 per cent, up from 7 per cent last month – the highest rate since August 2008 – 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 per cent, up from 8 per cent in July, with products such as milk and margarine seeing the biggest rises. The rise in shop prices is contributing to wider UK inflation, which some analysts are predicting could top 18 per cent in 2023.
