Rising food prices will soon overtake energy costs as the main force fueling inflation in the UK, an independent think tank warned in a report on Friday.
Food makes up a far larger share of the typical household’s consumption than energy, says the Resolution Foundation, whose aim is to improve living standards for those on low to middle incomes.
As grocery prices will remain at a high level while energy costs decline, this summer “food costs will have overtaken energy bills in the scale of the shock they are administering to family finances,” the think tank predicted.
- Grocery bills have jumped by almost 20% during the past year, official figures for March showed, with the overall consumer price index standing at 10.1%. Energy prices peaked at record levels last year but have since declined significantly.
Rising food prices will soon overtake energy costs as the main force fueling inflation in the UK, an independent think tank warned in a report on Friday.
Food makes up a far larger share of the typical household’s consumption than energy, says the Resolution Foundation, whose aim is to improve living standards for those on low to middle incomes.
As grocery prices will remain at a high level while energy costs decline, this summer “food costs will have overtaken energy bills in the scale of the shock they are administering to family finances,” the think tank predicted.
Grocery bills have jumped by almost 20% during the past year, official figures for March showed, with the overall consumer price index standing at 10.1%.
Energy prices peaked at record levels last year but have since declined significantly.
Source: RT