This summer, UK food costs could rise by 15%.

The grocery industry organisation anticipates continued high inflation through 2023.



Inflation in food prices in the UK is predicted to reach a peak this summer of up to 15%, according to the most recent data from a grocery research organisation. It forewarned that the record-high costs would continue for an additional 12 months.


The Institute of Grocery Distribution (IGD) stated in its most recent report that a variety of factors, such as warring tensions in Eastern Europe, production lockdowns in China, and export bans imposed by Indonesia and India on essential food commodities like palm oil and wheat, are likely to have the greatest impact on meat, cereals, dairy, fruit, and vegetables.


The cost of living pressures are unlikely to ease anytime soon, according to our analysis, said IGD Chief Economist James Walton, as quoted by Reuters.


Families are already skipping meals, which is a blatant sign of food stress.


According to the IGD, a typical family of four will spend an average of £439 ($533) per month on groceries in January 2023, up from £396 ($480) in January 2022.


The researcher claims that because of the sharpest compression on family finances since at least the 1950s, the most vulnerable households in Britain will be hardest hurt by the increase in food and drink prices.


The official inflation rate in the UK reached a 40-year high of 9 percent in April, and it is anticipated to surpass 10 percent later in 2022 as regulated energy tariffs are set to increase by an additional 40 percent.


In an effort to combat the rising inflation, the Bank of England plans to raise the benchmark interest rate on Thursday for the sixth time since December.

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