UK's Food Inflation Falls For First Time In 2 Years - Retail Consortium

MOSCOW (UrduPoint News / Sputnik - 30th May, 2023) Food inflation in the United Kingdom fell for the first time in two years to 15.4% in May from a record 15.7% in April, the British Retail Consortium (BRC) said on Tuesday.

"Food inflation decelerated to 15.4% in May, down from 15.7% in April. This is the same as the 3-month average rate of 15.4%, and is the second highest inflation rate in the food category on record," the BRC said in a statement.

BRC Chief Executive Helen Dickinson said the slowdown in inflation was largely due to lower energy and commodity costs.

At the same time, canned food inflation rose to 13.1% from 12.9% in April, while fresh produce inflation fell to 17.2% from 17.8%, the consortium said.

"Ambient Food inflation accelerated to 13.1% in May, up from 12.9% in April. This is above the 3-month average rate of 12.8% and is the fastest rate of increase in the ambient food category on record," the statement read.

Meanwhile, the BRC's consumer price index rose to 9% in May from 8.8% in April, due to the low pound, which increased labor costs and energy bills for stores, the consortium added.

In April, the UK's Office for National Statistics (ONS) said that the country's real incomes continued to fall at the fastest rate in a decade against a backdrop of inflation outpacing wage growth.

The UK has seen a series of strikes by public servants in recent months as people express their dissatisfaction with salaries and the worsening economic situation caused by soaring inflation in the country. Railway, postal, airport and legal workers, among others, have taken part in the protests.

The West has tightened sanctions on Russia over the conflict in Ukraine. The disruption of supply chains has led to higher fuel and food prices in Europe and the United States. In the UK, the rising cost of living has hit millions of households.