The United Kingdom’s (UK) annual growth of food prices stood at a record high of 13.3% as of December last year.
This was disclosed in the latest report released on Wednesday by the British Retail Consortium (BRC), Financial Times reports.
Investors King understands that the new record stands as the highest-ever reading in the UK according to the BRC, since the initiative kicked off in 2005.
The BRC said this new record moved from 12.4% that was recorded in November 2022, the numbers which showed how the inflation rate for fresh products in December was on the rise at 15%, up from 14.3% a month earlier.
The BRC also disclosed that high prices for animal feed, fertiliser and energy are some of the major factors that contributed to high food prices.
The figures released by the BRC suggested that the rate of food inflation due to be reported by the Office for National Statistics (ONS) for the month of December would later in January also experience an increase.
Investors king gathered that in November the ONS reported a 16.6% rate of food inflation which is the highest rate recorded in 45-years.
Helen Dickinson, the Chief Executive of BRC in his speech stated that “2023 will be another difficult year for consumers and businesses as inflation shows no immediate signs of waning”.
However, the figures also eased the inflation in non-food shops, such as fashion or homeware, slowed in the month down to 4.4% in December from 4.8% the month prior.
She also added that the prices of many essential foodstuffs are on the increase due to Russia’s war in Ukraine which continues to inflate the prices of animal feed, fertiliser and energy.
However, this new report contradicts the suggestions of some economists experts that suggested that the surge in overall annual price levels has passed its peak.
The ONS, however, released a survey in December that found UK inflation had dipped from its 41-year high of 11.1 per cent in October to 10.7 per cent in November.