Wednesday 28 September 2022 07:02 AM Food price inflation hits highest rate on record with shoppers paying 10.6% ... trends now
Food inflation has hit its highest rate on record with shoppers now paying 10.6 per cent more than they were a year ago, figures have revealed, while fresh food prices are up 12.1 per cent.
Overall shop price inflation accelerated to 5.7 per cent in September, up from 5.1 per cent in August to mark another record since the British Retail Consortium (BRC)-Nielsen IQ index began in 2005.
It comes as millions of families continue to struggle with the cost-of-living crisis, which has seen food, energy and mortgage bills skyrocket.
Research by accounting firm KMPG this week found household savings have halved since the start of the year as cash-strapped Brits have been forced to dip into their savings, with average monthly outgoings increasing by up to £194.40 per month.
Meanwhile, a plummeting pound, sparked by Chancellor Kwasi Kwarteng's mini-budget announcement last week, has raised fears of interest rates reaching 6 per cent next year.
It means millions of families on variable rate mortgages, or fixed rates which are due to come to an end, could see their monthly repayments increase by hundreds of pounds.
Meanwhile, today's figures show food price inflation soared past last month's 9.3 per cent to 10.6 per cent, driven by the war in Ukraine