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Home News

Food price inflation hits 19.2%

Rishi Sunak has pledged to halve inflation by the end of the year.

Jack Peat by Jack Peat
2023-04-19 07:56
in News
PA

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UK inflation slowed last month on the back of lower petrol prices but remained in double figures as household budgets continue to come under pressure.

The Office for National Statistics (ONS) revealed that Consumer Prices Index (CPI) inflation fell to 10.1 per cent in March from 10.4 per cent in February.

Nevertheless, it remained higher than experts had predicted as food and drink prices continued to soar.

Economists had forecast inflation would be 9.8 per cent for the month.

Annual inflation has slowed following a rise in Feb 2023:

▪️ Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 8.9% in the 12 months to Mar 2023, down from 9.2% in Feb 2023
▪️ CPI rose by 10.1%, down from 10.4%

➡ https://t.co/xKfB2k07mc pic.twitter.com/Ab0eVpqiiN

— Office for National Statistics (ONS) (@ONS) April 19, 2023

The high level of inflation continues to keep pressure on the Bank of England regarding interest rates, with inflation still heavily above the 2 per cent target rate.

The ONS revealed food prices increased by 19.1 per cent year-on-year, the sharpest jump since August 1977.

Bread, cereals and fruit prices increased, while the impact of vegetable shortages also continued to weigh on inflation.

This was partly offset by lower fuel costs, with petrol and diesel costs down 5.9 per cent against the same month last year after prices had spiked following Russia’s invasion of Ukraine.

Commenting on today’s inflation figures, ONS Chief Economist Grant Fitzner, said: (1/2)

⬇️ pic.twitter.com/51zVDjztTO

— Office for National Statistics (ONS) (@ONS) April 19, 2023

ONS chief economist Grant Fitzner said: “Inflation eased slightly in March, but remains at a high level.

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“The main drivers of the decline were motor fuel prices and heating oil costs, both of which fell after sharp rises at the same time last year.

“Clothing, furniture and household goods prices increased, but more slowly than a year ago.”

Chancellor Jeremy Hunt said: “These figures reaffirm exactly why we must continue with our efforts to drive down inflation so we can ease pressure on families and businesses.

Getting our economy growing is one of @RishiSunak’s five priorities and a major focus of the Spring Budget.

We are going to help businesses recruit the UK workers they need – including expanding free childcare in England – and boost business investment 🧵

(1/10) pic.twitter.com/15hApLxFq3

— Jeremy Hunt (@Jeremy_Hunt) April 18, 2023

“We are on track to do this – with the OBR (Office for Budget Responsibility) forecasting we will halve inflation this year – and we’ll continue supporting people with cost-of-living support worth an average of £3,300 per household over this year and last, funded through windfall taxes on energy profits.”

Kitty Ussher, chief economist at the Institute of Directors, said: “Business remains extremely concerned by the rate of inflation and wants to see it under control.

“While it is a relief that the headline rate of inflation is now pointing downwards again, following the surprise rise last month, the Bank of England’s job is not yet done.”

Related: Just Stop Oil protesters unleash fury… at the snooker

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