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Food inflation in the UK has fallen for the first time in two years


May, 30 2023
watermark Economic news

According to the British Retail Consortium (BRC), food inflation in Great Britain fell for the first time in two years from a record 15.7% in April to 15.4% in May. The last time the indicator decreased was in August 2021. 


Analysts note that the reason for the decline was the fall in electricity prices and the cost of production costs.


According to the BRC, price inflation for canned food rose to 13.1% from 12.9% in April, and for perishable products – fell from 17.8% to 17.2%.


At the same time, the consumer price index presented by BRC increased by 0.2% compared to April – up to 9% – due to the low exchange rate of the pound, increased labor costs, as well as electricity bills for stores.


Earlier, the National Statistical Service of Great Britain reported that real incomes of the population continue to fall at the fastest pace in ten years against the background of the inflation rate exceeding the increase in wages. As a result of record inflation, there is a wave of strikes in the country – employees of railway companies, lawyers, airport employees, postmen and workers in other fields come out to protest.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.