New figures released by the British Retail Consortium-Nielsen Shop Price Index on Wednesday showed that in October, food inflation in the UK soared to a record 11.6%, with even basics like milk, tea, and sugar increasing in cost.
According to the British Retail Consortium (BRC), price inflation for food was well above September’s 10.6%, and the three month average rate, which was 9.7%. Data showed the cost of fresh food rose 13.3% in October year over year, which was a further increase over September’s 12.1%. It was the biggest annual increase since the BRC began collecting data in 2005.
BRC CEO Helen Dickinson, said, “Prices were pushed up because of the significant input cost pressures faced by retailers due to rising commodity and energy prices and a tight labor market.” She added, that it would seem almost certain there will be further price increases as Christmas approaches.
Some of the most significant price increases in the report were for essentials like milk, sugar, and tea. In October non-food inflation at supermarkets grew to 4.1%, an increase from the previous month’s 3.3% rise. The report found that shop prices are now 6.6% higher overall than they were at the same time last year.