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Daily Mirror
Daily Mirror
Business
Levi Winchester

Food inflation surges to record 12.4% - as price of meat, eggs and dairy all rise

Food inflation has surged again, piling more pressure on supermarket shoppers as analysts warn of an “increasingly bleak” winter.

New figures from the British Retail Consortium (BRC) show food inflation hit 12.4% in the year to November - the highest rate since BRC records began.

Shop prices are up from 11.6% in October and are now 7.4% higher than last November.

The BRC-Nielsen IQ Shop Price Index shows fresh food inflation rose even higher to 14.3% - up from 13.3% last month.

The cost of meat, eggs and dairy saw the biggest price jump, while coffee prices also "shot up" as well.

The price of dairy has risen, along with meat and eggs (Bloomberg via Getty Images)

The soaring price of energy, animal feed and transport are behind the increases, with the cost being passed on to customers in stores.

Christmas gifting is also set to become more expensive, with families expected to cut back on how much they buy especially for the festive season.

BRC chief executive Helen Dickinson said: "Winter looks increasingly bleak as pressures on prices continue unabated.

"While there are signs that cost pressures and price rises might start to ease in 2023, Christmas cheer will be dampened this year as households cut back on seasonal spending in order to prioritise the essentials."

Mike Watkins, head of retailer and business insight at NielsenIQ, said: "With prices still rising, the cost of Christmas will be higher this year and shoppers will be managing their budgets more closely than at any time since the start of the cost-of-living crisis.

"Retailers are now responding by offering seasonal savings and price cuts and will be hopeful of an uptick in shopper spend as we move into December."

There are a few different indexes that measure food inflation in the UK - all of which show how households are paying more in the stores right now.

Researchers at Kantar put food inflation at 14.7% - a 14-year high - while the Office for National Statistics (ONS) said food and non-alcoholic drinks prices are up 16.4%.

The overall Consumer Price Index (CPI) rate of inflation - which gives a broader picture of how prices are rising, not just with food - hit 11.1% in the 12 months to October.

This is up from 10.1% in September and means UK inflation remains in double digits.

When the rate of inflation increases, it means the cost of living is becoming more expensive - so your money isn't stretching as far as it used to.

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