Food prices soar up to 40% to put more pressure on inflation
Expensive tastes: Croissants prices have risen 47.4% since January
The cost of food has soared by more than eight per cent since the start of the year, according to a new survey.
Chicken breasts, ham, mayonnaise and croissants recorded the biggest price rises - all jumping up by more than 40 per cent.
The figures highlight the pressure on inflation from the spiralling cost of food.
Meat and fish prices went up by 22.9 per cent on average, followed by store cupboard and general items, up 15 per cent, and fresh fruit and vegetables, which increased 14.7 per cent.
A pack of four croissants was up 47.4 per cent, bolognese pasta was up 46.2 per cent, 125g of ham was up 45.4 per cent, and skinless chicken breasts were up 42.6 per cent.
Basmati rice was up 42.1 per cent, a medium whole chicken up 41.9 per cent and 400g of mayonnaise was up 40.6 per cent.
‘There is probably more pain to come but then things will start to stabilise,’ said Neil Saunders of Verdict Research, which carried out the study for the BBC.
‘We are probably not going to see food prices come down but they may not go up as much.
The survey comes after high street data from the British Retail Consortium (BRC) released on Wednesday showed the rocketing rate of food inflation slowed markedly last month.
The BRC said food inflation posted its lowest monthly rise for five months to hit 10 per cent in August. The month-on-month rise was 0.3 per cent, down from 1.9 per cent in July and the lowest since March’s no-change reading.
But the high cost of food is far exceeding the official rate of inflation, with the Consumer Prices Index, which includes shop goods, energy and fuel costs, at 4.4 per cent.
The Verdict survey for the BBC divided household supermarket purchases into 13 categories, with meat and fish showing the biggest increase in price.
General store cupboard items, including tinned foods, registered the next biggest increase at 15 per cent.
Laundry, washing and toilet paper was up 14.4 per cent, drink was up 6.8 per cent, pet food up 6.5 per cent, cereal and baked goods up 6 per cent and frozen food up 5.8 per cent.
But ready meals were down since January by 0.4 per cent and dairy goods were also down by 1.8 per cent.
The BRC said food inflation has more than quadrupled over the past year thanks to soaring packaging, cooking oil and fat costs, and has been the main driver of overall upward price pressure on the high street.
Yesterday the Bank of England’s Monetary Policy Committee (MPC) kept interest rates on hold at 5 per cent for the fifth month in a row despite the looming threat of recession.
With inflation currently running at 4.4 per cent, more than double the MPC’s 2 per cent target, and expected to hit 5 per cent in the coming months, rates are not likely to be cut until November at the earliest.
