Latest news with #meatprices
BBC News
3 days ago
- Business
- BBC News
Food prices driven up by high meat and tea costs
Rising meat and tea prices have helped drive up food price inflation for the sixth consecutive month, a survey prices rose by 4% in the year to July, up from a 3.7% increase in the year to June, according to the latest shop price monitor from the British Retail Consortium (BRC).The BRC's chief executive Helen Dickinson said tighter global supplies for staples including meat and tea have hit wholesale prices new figures echo separate research published last week, which found household grocery bills were on course to rise by £275 this year. The BRC survey found inflation - the rate at which prices rise - for fresh food including fruit and vegetables remained at 3.2% in the year to July, but inflation for cupboard goods increased to 5.1% over the same Dickinson said families will have noticed their higher food bills."Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices," she Keeble, managing director and founder of Heck Sausages, told the BBC's Today programme there had been a "perfect storm" of factors driving up the price of beef and chicken in said chicken prices alone have risen in the past two years from £2.85 a kilo to £5.50, driven by a combination of avian flu and lower stock intensity, which has meant reducing the number of chickens in each shed."That a good thing, we fully support it but you get fewer chickens in a shed [and] there aren't enough sheds to put it bluntly and that is driving availability prices through the roof at the moment," Mr Keeble added that his company was trying not to pass on the added costs to retailers, and supermarkets were also trying to keep costs down for he said "I think it just gets to the point where this is now actually coming through and that's why you're now seeing those increases." Increasing food prices added to the higher than expected increase to UK inflation in the year to latest official figures from the Office for National Statistics (ONS) put UK inflation - as measured by the Consumer Price Index (CPI) - at 3.6%, up from 3.4% in to the ONS, prices for food and non-alcoholic beverages rose by 4.5% in the year to June, the highest rate since February Watkins, head of retailer and business insight at NIQ, said increasing inflation would concern High Street retailers hoping to retain customers over the summer holiday season."Consumers' household budgets are coming under pressure with the food retailers now seeing price increases above CPI," he said."However, price competition helped by promotional activity will still mean that shoppers can save money by shopping Dickson said there were "a few bright spots" in the research, "with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes."Overall shop price inflation increased to 0.7% from 0.4% in June, and up from the three-month average of 0.3%.Last week, separate research from Worldpanel by Numerator found that food prices had risen by 5.2% compared to last year, led by price increases for chocolate, butter, spreads and fresh meat.
The Independent
3 days ago
- Business
- The Independent
The items causing your weekly shop to increase
Food price inflation in the UK rose for the sixth consecutive month in July, according to the BRC-NIQ Shop Price Monitor. Overall food prices are now 4 per cent higher than a year ago, an increase from 3.7 per cent recorded in June. Surging prices for meat and tea were identified as significant factors contributing to the rise, due to tighter global supplies. Fresh food inflation remained steady at 3.2 per cent, but ambient food prices saw a notable jump to 5.1 per cent. Overall shop price inflation also increased to 0.7 per cent in July, up from 0.4 per cent in June. The cost your food shop is set to increase again. Here's why
Yahoo
3 days ago
- Business
- Yahoo
The cost your food shop is set to increase again. Here's why
Food price inflation rose in July for the sixth consecutive month, figures show. Surging meat and tea prices are a significant factor, according to the British Retail Consortium (BRC)-NIQ Shop Price Monitor. The study showed that food prices are now 4 per cent higher than a year ago, up from 3.7 per cent in June and the three-month average of 3.5 per cent. Fresh food inflation held steady at 3.2 per cent, but ambient food prices jumped to 5.1 per cent higher than last June, up from last month's 4.3 per cent. Overall shop price inflation increased to 0.7 per cent from June's 0.4 per cent in June, and up from from the three-month average of 0.3 per cent. BRC chief executive Helen Dickinson said: 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month. 'Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. 'This has helped push up overall shop prices. There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes.' Mike Watkins, head of retailer and business insight at NIQ, said: 'Consumers' household budgets are coming under pressure with the food retailers now seeing price increases above CPI (Consumer Price Index). 'However, price competition helped by promotional activity will still mean that shoppers can save money by shopping around. 'With inflation on the up, high street retailers will also be concerned about customer retention over the summer holiday season if they are to maintain sales momentum.'
The Independent
3 days ago
- Business
- The Independent
The cost your food shop is set to increase again. Here's why
Food price inflation rose in July for the sixth consecutive month, figures show. Surging meat and tea prices are a significant factor, according to the British Retail Consortium (BRC)-NIQ Shop Price Monitor. The study showed that food prices are now 4 per cent higher than a year ago, up from 3.7 per cent in June and the three-month average of 3.5 per cent. Fresh food inflation held steady at 3.2 per cent, but ambient food prices jumped to 5.1 per cent higher than last June, up from last month's 4.3 per cent. Overall shop price inflation increased to 0.7 per cent from June's 0.4 per cent in June, and up from from the three-month average of 0.3 per cent. BRC chief executive Helen Dickinson said: 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month. 'Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. 'This has helped push up overall shop prices. There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes.' Mike Watkins, head of retailer and business insight at NIQ, said: 'Consumers' household budgets are coming under pressure with the food retailers now seeing price increases above CPI (Consumer Price Index). 'However, price competition helped by promotional activity will still mean that shoppers can save money by shopping around. 'With inflation on the up, high street retailers will also be concerned about customer retention over the summer holiday season if they are to maintain sales momentum.'
The Independent
3 days ago
- Business
- The Independent
Surging meat and tea prices drive food price inflation up for sixth month
Surging meat and tea prices sent food price inflation up for the sixth consecutive month in July, latest figures show. Food prices are now 4% higher than a year ago, up from 3.7% in June and the three-month average of 3.5%, according to the British Retail Consortium (BRC)-NIQ Shop Price Monitor. Fresh food inflation held steady at 3.2%, but ambient food prices jumped to 5.1% higher than last June, up from last month's 4.3%. Overall shop price inflation increased to 0.7% from June's 0.4% in June, and up from from the three-month average of 0.3%. BRC chief executive Helen Dickinson said: ' Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month. 'Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. 'This has helped push up overall shop prices. There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes.' Mike Watkins, head of retailer and business insight at NIQ, said: 'Consumers' household budgets are coming under pressure with the food retailers now seeing price increases above CPI (Consumer Price Index). 'However, price competition helped by promotional activity will still mean that shoppers can save money by shopping around. 'With inflation on the up, high street retailers will also be concerned about customer retention over the summer holiday season if they are to maintain sales momentum.'
