• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
  • Guest Content
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
No Result
View All Result
The London Economic
No Result
View All Result
Home News

Price of food to replace energy as biggest cost-of-living problem – Resolution Foundation

If you’re already buying own-brand essentials at the supermarket, you can’t trade down to a cheaper alternative.

Joseph Connor by Joseph Connor
2023-05-19 12:47
in News, Politics
FacebookTwitterLinkedinEmailWhatsapp

Food prices are set to overtake energy bills as the “epicentre” of the cost-of-living crisis, a think tank has warned.

The Resolution Foundation said on Friday that food prices would continue to rise even as energy costs are set to fall, with pressures from food inflation exceeding energy prices by the summer.

Lalitha Try, an economist at the think tank, warned that politicians in Westminster had not fully understood what the impact of rising food prices would be, saying: “The cost of living crisis isn’t ending, it’s just entering a new phase.”

Analysis from the Resolution Foundation said inflation was expected to fall significantly when the latest figures are announced on May 24 as the effect of 2022’s large increase in energy bills begins to drop out of the annual calculation.

The same week is also expected to see confirmation that energy prices will actually fall when Ofgem announces changes to the energy price cap on May 25.

But food prices are expected to keep rising, having already increased by 19.1% in the year to March, placing additional pressure on families.

Torsten Bell, chief executive of the Resolution Foundation, warned that rising food prices would force low-income households to eat less.

He said: “When the price of some food products rise, consumers switch to others. But that strategy isn’t available in the same way to those on lower incomes.”

He added: “If you’re already buying own-brand essentials at the supermarket, you can’t trade down to a cheaper alternative.

RelatedPosts

UK’s first post-Brexit trade deals with Australia and New Zealand now in place

Phillip Schofield axed as ambassador for the Prince’s Trust

Instant coffee kept in security cases as price soars to £10.50 a jar

No 10 denies ‘cover-up’ as Covid inquiry struggles to get Boris Johnson messages

“What happens instead? Poorer households have to cut rather than adjust their consumption – which is another way of saying they eat less.”

A recent Resolution Foundation survey found a fifth of people were already eating less or skipping meals, with the proportion even higher among low-income households, people on benefits, black families and those in large households.

Mr Bell said the analysis supported the Government’s decision to target cost-of-living assistance at low- and middle-income households, but called for more support for larger families.

He said: “Policymakers should not jump to the view that falling energy bills mean the job of supporting households through this crisis is complete.”

Related: Rich List 2023: Who are the wealthiest people in the UK?

Content Protection by DMCA.com
Tags: Resolution Foundation

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending

Elevenses: The Thing About Wrexham’s Cinderella Story

Elevenses: Exposing the Tories’ Deepfake Illegal Immigration Bill

Elevenses: Rishi’s Finest Hour

More from TLE

Young star signs new long-term Arsenal contract as ex-player proves he still has it

GB News booked a Churchill impersonator to mark funeral anniversary

Lucky Numbers and Horoscopes for today, 25 November 2021

When Free Trade Fails: The Fall of British Steel

Dropping like flies: Health Secretary Matt Hancock has also tested positive for Coronavirus

Brexit UK faces sluggish growth as global economy is “firing on all cylinders”

Only Brit in Fourth Wimbledon round has Romanian father and Chinese mother

‘Gross stupidity’ – SNP confirm they will vote against Brexit and slam Labour for backing deal

Midfielder joins Atlanta United on loan from Bournemouth

Human trafficking action partnership suspended ‘due to Brexit’

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.