Grocery prices expected to stay high ‘for months’ despite food inflation peaking and average shopping bills surging by almost 20% over the past year
- Food bills are now the driving force behind the Bank of England’s inflation crisis
- The cost of staples has surged – with broccoli up from 53p to £1.33 in a year
- Cathedral City cheddar has leapt from £3 to £3.87, reports suggest
Householders were dealt a fresh blow last night after a leading food expert warned that grocery prices were set to remain stubbornly high.
Food bills have rocketed by almost 20 per cent over the past year and are now the driving force behind the Bank of England’s inflation crisis.
The cost of staples has surged across all supermarkets, with the average price of broccoli up from 53p to £1.33 in just 12 months.
Cathedral City cheddar has leapt from £3 to £3.87 and a box of six eggs has soared by 39 per cent from £1.02 to £1.42, according to The Grocer magazine.
Experts believe food inflation peaked at 19.7 per cent last month and could fall thanks to cheaper energy costs.
Food bills are now the driving force behind the Bank of England’s inflation crisis
But even if food inflation has peaked, there may not be significant price cuts for months.
James Walton, of the Institute of Grocery Distribution, said supermarket prices will still be rising by the end of the year. He added: ‘The price of a basket over two years may have gone up around 30 per cent, so it will take a significant cut across multiple products to produce a significant dent.
‘We’re more likely to see prices levelling off.’
He said the severity of food inflation had left some families in ‘food distress’, meaning they were buying less food, skipping meals and using food banks.
He predicted that shoppers’ budgets will be eased ‘not by food prices coming down but incomes going up’.
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