Food price rises hit 14-year high

Food price inflation now stands at 14.7%, according to latest research. by data insights business specialist, Kantar.

Prices are at record high since the firm began tracking prices in this way in 2008. Soaring energy prices and labour costs have pushed prices up.

Fraser McKevitt, head of retail and consumer insight at Kantar, said “Yet again, we have a new record high figure for grocery price inflation and it’s too early right now to call the top. Consumers face a £682 jump in their annual grocery bill if they continue to buy the same items and just over a quarter of all households now say they’re struggling financially, which is double the proportion we recorded last November.”