New Delhi (India), 20th April 2023: Despite a decline to 10.1% in March, UK inflation is still double digits due to the skyrocketing cost of food. The Office for National Statistics (ONS) reports that this number is lower than the 10.4% surprise increase that was observed in February.
However, it’s important to note that this does not indicate prices have stopped rising; rather, they are continuing increasing, albeit slightly more slowly. Since inflation was expected to fall to 9.8%, the decrease is also less than anticipated.
The cost of groceries continues to rise rapidly, with food inflation now at 19.1%, the highest level in more than 45 years. The ONS reported that costs for grocery staples like bread and cereal are at all-time highs.
According to Grant Fitzner, head economist for the ONS, supermarket prices have not yet caught up with the declining global prices of food.
He said while taking to BBC Radio 4 Today Programme, “There’s been some strong upward movement in food prices and you would expect to see that reflected in supermarkets but we’re not there yet.”
Helen Dickinson, chief executive of the British Retail Consortium, said that as we go into the UK growing season, food price inflation is “likely to slow in the coming months.”
Food prices remained high, although the cost of fuel decreased by 5.9% from March 2022 to March 2023.
