Food prices hit a record in England.
According to the “Wirthschaftswoche” German newspaper, food prices in England have reached a record high.
Animal products are becoming more expensive, especially in the UK. As a result, households have to count on an additional financial burden of approximately 1,000 euros per year. Bottlenecks are also possible for many goods.
According to reliable information from the industry, food prices in the UK rose more than ever in March, growing by 17.5%. According to Kantar market research company, especially eggs, milk and cheese had the biggest price increase. Accordingly, if British households do not change their shopping behavior to reduce costs, they will now face an extra £837 (about €953) on their annual grocery bills. Cantar expert Fraser McQuitt said: “This is yet another bad news for the British public, who are now struggling with double-digit food inflation for the ninth consecutive month.
In February, UK inflation rose to a surprising 10.4%. The Bank of England (BoE) has raised interest rates eleven times in a row to fight high inflation. Just last week, the Central Bank of London increased the key monetary policy rate by a quarter of a percent to 4.25 percent. Food and non-alcoholic beverage prices rose 18 percent in February, the fastest increase since 1977.
Rising food prices pushed core inflation in UK shops to the highest level in at least 18 years in March, data from trade body BRC and market researcher NielsenIQ showed on Tuesday.
As such, Britons may face ongoing shortages of fresh vegetables as rising costs reduce domestic production. Consumers have recently felt the shortage of tomatoes, cucumbers and peppers. On the other hand, the reduction of crops in North Africa led to lower supply. On the other hand, inflation caused buyers in the industry to spend more money on fewer goods from important markets such as Spain. Government data shows Britain imported just over 266,000 tonnes of vegetables in January 2023, the lowest January since 2010, when the population was 7% lower.
