UK food inflation hits ‘record’: survey

UK food price inflation has soared to a record peak as Britons suffer under a cost-of-living crisis, according to a survey Tuesday.

Prices accelerated 17.1 percent in the four weeks to February 19 compared with a year earlier, data provider Kantar said after tracking the cost of more than 75,000 products.

That was the highest increase recorded by Kantar, which began its survey in 2008.

“Shoppers have been facing sustained price rises for some time now… This is having a big impact on people’s lives,” said Fraser McKevitt, head of retail and consumer insight at the group.

Its research also indicated that grocery price inflation was the second biggest financial issue for Britons after rocketing energy costs.

Kantar found that one-quarter of households were “struggling financially” in January when it surveyed almost 10,000 consumers.

That compared with one-fifth one year ago.

“These latest figures are deeply concerning,” said Rocio Concha, director of policy and advocacy at the consumer pressure group Which?

“Some households are already skipping meals to make ends meet,” she added.

Overall inflation is easing, however, as the cost of energy slides.

Global inflation last year reached the highest levels in decades as the invasion of Ukraine by Russia fuelled energy and food prices.

The UK Consumer Prices Index (CPI) peaked at 11.1 percent in October before falling to 10.1 percent last month.

As food prices soar, online supermarket group Ocado saw its share price slide Tuesday as higher costs to the group and falling sales saw it double net losses last year.

Ocado shares slumped 7.7 percent to 577.04 pence in London deals.