The Magazine for Asian Investors
According to market research firm Kantar, food inflation in the U.K. rose 11.6% in August, the highest level since 2008, adding £533 ($642) to annual spending in the worst cost-of-living crisis in decades.
Kantar noted that inflation is now the highest since supermarket price surveys began 14 years ago. According to Kantar, rising product prices have led to more British consumers buying low-priced own-brand products to reduce their weekly expenditure. As a result, sales of such products increased by 20%.
According to the market researchers, prices for products such as butter, milk, and poultry increased the most.
According to the Bank of England, inflation will rise to 13.3% in October, the highest level since 1980, mainly due to higher energy costs. Added to this are the problems arising from England’s separation from the European Union (EU) and the disruption to supply chains.