A poisonous mix of headwinds, including the war in Ukraine, will contribute to the broader cost of living crisis, according to a report, which predicts that food costs will remain high throughout the summer.
An industry organization has warned that food price inflation will intensify during the summer and last until the middle of next year.
In the following months, the Institute of Grocery Distribution predicts that food inflation will peak at 15 percent, driven by meat, cereal, dairy, and fruit and vegetable items.
In January of next year, the average monthly grocery bill for a household of four is projected to reach £439, up from £396 in January of this year.
It was predicted that as a result of the broader cost-of-living crisis, there would be an increase in “food stress” among the poor.
As a result of Russia’s war in Ukraine, worldwide wheat prices have skyrocketed, resulting in significant price increases for meats such as poultry that rely on wheat for nutrition.
Brexit and COVID-related supply chain disruptions are also influencing prices, the firm claimed.
According to the most recent official data from the Office of National Statistics, the rate of grocery inflation is just under 7 percent.
There is mounting evidence that shoppers’ food spending patterns are fast altering in response to a general increase in the cost of living.
The most recent measurement of the rate of inflation was taken in April, and it stands at 9 percent, the highest level in forty years.
Although food has contributed to rising family costs, the most significant contributor to the most recent statistic was the exceptional increase in the energy price cap that month.
The Bank of England anticipates that inflation will exceed 10 percent by the end of the year, when the next increase, which is estimated to add more than £800 to an average annual gas and electricity bill, takes effect in October.
In recent weeks, fuel prices have reached new highs daily.
James Walton, the chief economist at the Institute of Grocery Distribution, stated, “Based on our analysis, we do not see a reduction in cost-of-living pressures shortly.
Already, households are skipping meals, a clear indication of food insecurity.
