Business News Asia
The British Retailers Consortium (BRC) said Monday (Jan. 4) that fresh food prices in U.K. supermarkets rose 15.0% year over year at the beginning of December 2022. This is the highest annual price increase since the data was recorded in 2005.
U.K. households have been hit hard by the rising cost of living in 2022, and the Bank of England has forecast that inflation will remain high in the coming months. This is due to persistently high energy prices, which will not fall again until 2023. The BRC released a report from major retailers and supermarkets showing that overall annual consumer spending inflation fell to 7.3% from 7.4%, led by a drop in non-food inflation to 4.4% from 4.8%.
Overall food price inflation rose from 12.4% to 13.3%, driven by an increase in fresh food prices to 15.0% and perishables to 11.0%.