Russia-Ukraine war caused food prices to soar to new high in UK: Report

In its recent report, the British Retail Consortium (BRC) and NielsenIQ index claimed that the price of food in the United Kingdom has soared to the maximum inflations rate since August 2008 owing to the ongoing war in Ukraine. The report further stated that the inflation rates for food as a whole saw a sharp rise to 9.3% in August in comparison to 7% in July. It further claimed that this is higher than the three-month average rate of 7.2%, and the maximum inflation rate in the last 14 years. 

"Mounting cost pressures up and down, supply chains meant shop price inflation hit a new high in August. The war in Ukraine, and the consequent rise in the price of animal feed, fertiliser, wheat and vegetable oils continued to push up food prices," BRC Chief Executive Helen Dickinson, as per an official press release. She further stated that milk, margarine, and crisps saw the sharpest rise as fresh food inflation soared to its highest level since 2008. 

BRC Chief hopes next PM would work to alleviate inflation

Dickinson also hoped that the next Prime Minister of the country would work to lessen some of the financial pressure on merchants so that they may better serve their customers. "Inflation continues to accelerate and shoppers are already cautious about how much they spend on groceries, with a fall in volume sales at supermarkets in recent months. We can expect this level of food inflation to be with us for at least another six months but hopefully, some of the input cost pressures in the supply chain will eventually start to ease," she added. According to BRC Chief Executive, the rise in shop prices is also contributing to overall inflation in the country, which some analysts believe would reach 18% in 2023. 

Govt's funds 'not enough' to tackle rising inflation: Boris Johnson

Earlier in August, UK's outgoing Prime Minister Boris Johnson claimed that the government's support package to address the crisis spurred by the rising cost of living is "not enough." He claimed that the government had previously disseminated various messages intended to assist citizens, but not everyone would have received them. Meanwhile, he also hoped that his successor would make sure that there are sufficient funds available to help people in need. 

Image: AP/Representative