Food Inflation falling
food inflation falling - basket of food

Food Inflation falling

Cost of living and food inflation falling – a little more detail:

ONS reports Food inflation continues to ease:

  • Prices of food and non-alcoholic beverages rose by 10.1% in the year to October 2023 according to the latest Consumer Prices Index including owner occupiers’ housing costs (CPIH)
  • This was down from 12.2% in September and a recent high of 19.2% in March 2023, which was the highest annual rate seen for over 45 years
  • The largest downward contributions came from milk, cheese and eggs, and vegetables, which eased to 7.9% in the year to October 2023, down from 12.3% in September
  • Yoghurt prices fell 2.9% between September and October this year, compared with a rise of 5.8% between the same two months last year
  • Prices of crisps fell 3.4% between September and October this year, compared with a rise of 4.1% between the same two months a year ago
  • While food inflation is slowing, prices were around 30% higher in October 2023 than in October 2021
  • Prices in restaurants and cafes rose by 8.8% in the year to October 2023, down from 9.1% in September
  • Despite easing inflation, more than 4 in 10 (43%) adults across Great Britain say they have spent more than usual to get what they normally buy when food shopping within the past two weeks
  • This is according to those asked between 18 and 29 October 2023 as part of our latest Public opinions and social trends bulletin
  • The latest survey also reveals that more than 4 in 10 (44%) adults said they were buying less food when food shopping in the past two weeks.

Let’s hope food inflation falling continues into the new year.

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food inflation falling - basket of food
Cost of living and food inflation falling – a little more detail: ONS reports Food inflation continues to ease: Prices of food and non-alcoholic beverages rose by 10.1% in the year to October 2023 according to the latest Consumer Prices Index including owner occupiers’ housing costs (CPIH) This was down from 12.2% in September and...
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