Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK food prices soar by record 10.6% as Russia-Ukraine war pushes up costs

by September 29, 2022
September 29, 2022
UK food prices soar by record 10.6% as Russia-Ukraine war pushes up costs

Food prices in the UK have soared by a record 10.6% this month, as the war in Ukraine continues to drive the cost of staples such as margarine, pasta and tinned tomatoes to new highs.

Overall, shoppers faced 5.7% inflation in September, up from 5.1% in August, the highest monthly rate since the British Retail Consortium-NielsenIQ index began in 2005.

Inflation in food prices this month has climbed past the 9.3% reported in August, fuelled by the war in Ukraine, which is continuing to push up the price of animal feed, fertiliser and vegetable oil, with a knock-on effect on products such as margarine.

Fresh food products cost a record 12.1% more than last year, up from 10.5% in August, the highest rate for the category on record.

Inflation for some staples such as pasta and tinned tomatoes, has reached a record 8.6%, up from 7.8% a month previously, the fastest rate of increase for the category.

However, some produce benefited from the long stretch of drought conditions over the summer, with a fall in prices for fruit such as strawberries, blueberries and tomatoes thanks to bumper harvests.

Non-food inflation rose from 2.9% in August to 3.3%, driven mostly by bigger hardware, DIY and gardening products hit by rising transport costs.

“Retailers are battling huge cost pressures from the weak pound, rising energy bills and global commodity prices, high transport costs, a tight labour market and the cumulative burden of government-imposed costs,” said Helen Dickinson, the chief executive of the BRC. “And, with business rates set to jump by 10% next April, squeezed retailers face an additional £800m in unaffordable tax rises.”

Dickinson called on the government to freeze business rate rises so retailers can limit price rises for shoppers.

More than three-quarters of consumers surveyed by NielsenIQ say they expect to be “moderately or severely” affected by the cost of living crisis over the next three months. This is up from 57% in its summer survey.

“So households will be looking for savings to help manage their personal finances this autumn, and we expect shoppers to become more cautious about discretionary spend, adding to pressure in the retail sector,” said Mike Watkins, the head of retailer and business insight at NielsenIQ.

Read more:
UK food prices soar by record 10.6% as Russia-Ukraine war pushes up costs

0
FacebookTwitterGoogle +Pinterest
previous post
British Business Bank warns of risk of defaults on Covid support loans
next post
Truvid Leads North American Adtech Space with Soaring Revenue Growth

You may also like

Lidl celebrates record festive sales with 7% Christmas...

January 2, 2025

Global supply chains brace for shock as Trump’s...

February 4, 2025

Record number of Brits return to workforce but...

May 16, 2023

Tesco Announces ‘Thank You’ Bonus for Workers as...

April 11, 2024

Firms fear record cost surge ahead of Reeves...

March 2, 2025

AI Virtual Assistants in Omnichannel Support: Bridging CRM...

October 25, 2024

The 6 Most Common Mistakes Online Sportsbooks Make...

April 25, 2023

9 Fast Ways to Get 1k Likes on...

August 30, 2024

Over half of job seekers in the UK...

September 7, 2023

How your company can benefit from business car...

June 13, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved