Brexit, climate change and ‘greedflation’: The principal reasons behind the spiralling cost of food

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Image of cash and pre-payment meter key
Image of cash and pre-payment meter key

In March 2023, the inflation rate for food and non-alcoholic beverages rose to 19.2 percent, according to Office for National Statistics. This is the fastest rate food inflation has risen in 45 years. ONS figures also show that more than half (51 percent) of adults in the UK are worried about the price of food.

Analysis of official figures by the Lib Dems, shows that customers face higher prices in supermarkets, despite wholesale costs having fallen.  For example, a loaf of wholemeal bread has risen by 26 percent, even though the cost of breadmaking wheat has fallen by 14 percent. Similarly, the price of tomatoes has soared by 13 percent despite farmers having dropped prices by 7 percent.

Separate figures from Which? show that meat, yoghurt and vegetables doubled in price in the year to March.

As inflation continues to rip through family budgets, and consumers are forced to pay sky-high food prices, the government has come under fresh pressure to crackdown on supermarkets. This week, farmers, supermarket bosses, food manufacturers and consumer group representatives gathered at 10 Downing Street to discuss Britain’s food security. But what [are] the reasons behind the UK’s crippling food inflation?

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