Food prices rising fastest as grocery inflation hits 19.3% – from sugar and oil to eggs and flour
- Grocery bills are rising at the second highest rate ever, the ONS said
- But some items are rising in price much faster than others – some as much as 46%
Food prices are rising at near-record rates of 19.3 percent per year, but some products are rising in price much faster than others.
According to the Office for National Statistics, the cost of food rose 19.3 percent in the year to April, down slightly from 19.6 percent in March.
Sugar, olive oil and eggs are the products that are rising fastest and putting the most strain on consumers’ wallets.
Still feeling the squeeze: Food prices fell just 0.1 percent to 19.1 percent in the 12 months to April 2023
These are followed by flour and other grains, low-fat milk, cheese and cottage cheese, and frozen vegetables, all of which have increased by 30 percent or more in the past 12 months.
The latest figures prompted Chancellor Jeremy Hunt to warn that food prices remain ‘worryingly high’.
Food prices are rising the fastest
- Sugar: 47 percent
- Olive oil: 46 percent
- Eggs: 37 percent
- Sauces, herbs and spices: 34 percent
- Skimmed milk: 34 percent
- Frozen vegetables: 31 percent
- Cheese and cottage cheese: 31 percent
- Flour and other grains: 30 percent
Do foods fall in price?
Not yet. The price increases of many foods already seem to be slowing down – but only for selected items.
For example, the price increases for pizza and quiche are now 11.9 percent per year, compared to 17.2 percent in the year to March.
Similarly, the price of whole milk is up 26.3 percent, down from the eye-watering 37.9 percent in March.
Sharp price inflation was 14.5 percent in the 12 months to April, compared to 17.9 percent in the year to March.
Why are food prices so high?
The price customers pay at the checkout should cover all the costs of a supermarket, and many of them have increased enormously.
For example, supermarkets get higher prices from their own suppliers, and they also have to deal with higher bills for wages, energy bills and rent from their stores.
The Russian war against Ukraine also has an impact on supermarket prices.
The conflict has increased fuel prices, energy prices and the cost of fertilizers, making it more expensive to grow and transport food.
Harvir Dhillon, economist at the British Retail Consortium, said: “While the UK crop season is currently underway, the bulk of UK produce will not be ready for harvest until later in the year, which will help depress prices.
“However, this also depends on farmers’ costs, including labour, energy and fertilizer.”
Farmers face a labor shortage. This means fruits and vegetables are expensive to pick, driving higher prices for consumers.
“Many of the cost pressures impacting the food supply chain – from farm to fork – remain elevated, such as labor and energy costs,” Dhillon continued.