Blog Business Entertainment Environment Health Latest News News Analysis Opinion Science Sports Technology World
Food Inflation Hits A Record High As The Cost Of Living Crisis Worsens

The cost of living crisis is biting customers around the world. Inflation is on the rise, which indicates a soar in food prices. Food inflation reached a record high of 11.6% in October, with staple items such as tea bags, milk, and sugar costing huge expenses. As a result, the price of mass consumption daily essentials has spiked. While people stress over their groceries, companies worldwide are piling on profits. 


 


For years, the price rise in food products has come in small stages. Companies and eateries worry that increased expenditures can frighten consumers. But over the last year, as wages have increased and the costs of raw ingredients have soared, food companies and restaurants have started wearing off extra expenses to customers. Even with the anticipation that the world economy could be headed toward a recession, some companies continue to raise prices while their inflation-driven costs have been covered. 


 


The chief executive of the British Retail Consortium (BRC), Helen Dickinson, has said, “It has been a difficult month for consumers who not only faced an increase in their energy bills, but also a more expensive shopping basket. Prices were pushed up because of the significant input cost pressures faced by retailers due to rising commodity and energy prices and a tight labor market”. Former CEO of the supermarket chain Asda, Andy Clarke, also mentioned, “There is little hope that price inflation will ease off soon.” 


 


Meanwhile, the Prime Minister of the UK, Rishi Sunak, is said to be working through “difficult decisions” with Chancellor Jeremy Hunt after they were warned of a drop in economic growth due to the recession. Additionally, IPPR, a UK-based think-tank, has argued for the energy price cap to run beyond the six-month deadline to act as a “shock absorber,” which would help curtail inflation and give consumers an extra 90 billion of spending power. This move would repay the exchequer in low wage and interest rate demands, boost growth, and raise tax receipts. 


 


The trend of growing inflation is not limited to producers and consumers alone. It is showing evidence in a wide variety of industries. Executives from banks, airlines, hotels, consumer goods companies, and other firms believe customers have money to spend and can tolerate high prices. However, the global economy, having seen two major external shocks in the last three years with the COVID-19 pandemic and the Russia-Ukraine war, and a consistent rise in the price of daily consumer goods leaves the vast majority of the population trampled. 


 


All eyes are now on the financial statement scheduled to release on November 17 by the Chancellor as British residents fight economic pressures. 


Share This Post On

Tags: #UK #FoodInflation #CostofLivingCrisis



0 comments

Leave a comment


You need to login to leave a comment. Log-in
Thesocialtalks.com is a Global Media House Initiative by Socialnetic Infotainment Private Limited.

TheSocialTalks was founded in 2020 as an alternative to mainstream media which is fraught with misinformation, disinformation and propaganda. We have a strong dedication to publishing authentic news that abides by the principles and ethics of journalism. We are an organisation driven by a passion for truth and justice in society.

Our team of journalists and editors from all over the world work relentlessly to deliver real stories affecting our society. To keep our operations running, We need sponsors and subscribers to our news portal. Kindly sponsor or subscribe to make it possible for us to give free access to our portal and it will help writers and our cause. It will go a long way in running our operations and publishing real news and stories about issues affecting us.

Your contributions help us to expand our organisation, making our news accessible to more everyone and deepening our impact on the media.

Support fearless and fair journalism today.


Related