1. Department: Beverage

Food and drink inflation rate reaches 42 year high

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WitScore: 5

The Consumer Price Index rose to 10.1% in September 2022, up from 9.9% in August. Food and non-alcoholic beverage prices rose by 14.6% in the 12 months to September 2022, up from 13.1% in August, according to the latest figures from the Office for National Statistics (ONS). The annual rate of inflation for this category has …

Food and non-alcoholic beverage prices rose by 14.6% in the 12 months to September 2022, up from 13.1% in August, according to the latest figures from the Office for National Statistics (ONS).

The annual rate of inflation for this category has continued to rise for the last 14 consecutive months, from negative 0.6% in July 2021.

The current rate is estimated to be the highest since April 1980.

The increase in the annual rate for food and non-alcoholic beverages between August and September 2022 was driven by price movements across eight of the more detailed classes.

The largest upward effects came from bread and cereals, meat products, and milk, cheese and eggs, where prices rose between August and September 2022, but fell between the same two months in 2021.

Overall prices for food and non-alcoholic beverages have risen throughout 2022, however, prices rose more slowly (by 1.1%) between August and September 2022, than between July and August 2022 (where prices increased by 1.5%).

Samantha Phillips, Partner at McKinsey commented: “Rising food prices have pushed inflation back into double figures. This is despite the drop in petrol prices at the pump.

“The price of food and non-alcoholic beverages continues to weigh the heaviest in the basket, hitting 14.6% in September, up from 13.1% in August. Our latest consumer sentiment research told us that consumers were feeling pessimistic with 84% saying they either spent the same or more on groceries in the last 3 months.

“Rising prices are the number one concern for UK consumers today, with 95% perceiving price increases across categories. The level of inflation is already driving consumers to think differently about Christmas with 58% planning to cut back on Christmas spending and 8% not planning to do any shopping at all. “

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Established in 2007, TalkingRetail.com brings you the latest news, analysis and information across the UK convenience and independent grocery retail sectors. Sister publication Independent Retail News is a monthly magazine for owners of independent convenience stores. Originally launched as Independent Grocer in 1981, the magazine changed its name to Independent Retail News in 1995. It provides must-have information that helps in the day-to-day running of stores and keeps readers up-to-date with the latest news and product information. The publications are brought to you by Metropolis Business Media, which also runs a number of leading annual awards events including The Retail Industry Awards, The Quality Food Awards and The Quality Drinks Awards. These prestigious ceremonies recognize the top performers across both the independent and multiple sectors, and are judged by a highly respected and influential group of independent top industry judges. https://www.talkingretail.com/
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