Skyrocketing food prices now primary driver of Britain’s inflation crisis
Ballooning food prices are now the principle driving force behind Britain’s inflation crisis, after new figures today revealed the cost of household staples has surged at the fastest rate in almost 45 years.
Families have been hit with skyrocketing shopping bills, with sugar soaring in cost by 47.4 per cent and olive oil rising 46.4 per cent in the last 12 months while the cost of eggs have surged 37 per cent and flour and cereals by 30 per cent, the Office for National Statistics (ONS) said.
The figures showed food bills rose 19.3 per cent, down only slightly on March’s eye-watering 19.6 per cent.
The crisis has caused other household staples like pasta to swell by 27.7 per cent in cost over the past year – while potatoes recorded a whopping 24.8 per cent surge and yoghurts saw prices rise by 24 per cent.
Meats have also ballooned in in price, with traditionally cheaper options like offal skyrocketing by 28.4 per cent and pork increasing by 27.2 per cent.
The news comes as it was announced the overall UK inflation fell sharply to hit single figures for the first time since August – but still nowhere near as much as economists expected.
The latest figures prompted Chancellor Jeremy Hunt to warn that food prices remain ‘worryingly high’.
Some of he biggest increases recorded in household essentials over the past year has seen the likes of olive oil surge in price by 46.4 per cent and sugar increase by 47.4 per cent
The skyrocketing prices of food and non-alcoholic drinks are now the main driving force behind Britain’s inflation crisis
Food prices skyrocketed over the past year, with essentials like eggs surging by 37 per cent, while flour and cereals have seen a 30 per cent hike, figures from the Office for National Statistics today show (file image)
Inflation is seen is a measure of the cost of living and to calculate it the ONS keeps track of the price of hundreds of everyday items – or ‘basket of goods’.
The rate has surged over the past…