{"id":24589,"date":"2022-08-17T13:36:49","date_gmt":"2022-08-17T13:36:49","guid":{"rendered":"https:\/\/neighbourhoodretailer.com\/?p=24589"},"modified":"2022-08-17T13:36:49","modified_gmt":"2022-08-17T13:36:49","slug":"food-costs-push-price-rises-to-new-40-year-high","status":"publish","type":"post","link":"https:\/\/neighbourhoodretailer.com\/food-costs-push-price-rises-to-new-40-year-high\/","title":{"rendered":"Food costs push price rises to new 40-year high"},"content":{"rendered":"

Soaring food costs have pushed UK inflation into double digits for the first time since 1982, with prices continuing to rise at their fastest rate for more than 40 years.<\/p>\n

\n
\n

Inflation hit 10.1% in the 12 months to July, up from 9.4% in June, the Office for National Statistics (ONS) said.<\/p>\n<\/div>\n<\/div>\n

\n
\n

Soaring living costs are eating into household budgets,\u00a0with prices rising faster than wages.<\/p>\n<\/div>\n<\/div>\n

\n
\n

The Bank of England has said inflation could peak at more than 13% this year.<\/p>\n<\/div>\n<\/div>\n

\n
\n

Energy, petrol and diesel costs are also contributing to inflation. But food and non-alcoholic drinks were the largest contributor to rising prices in July, according to the ONS.<\/p>\n<\/div>\n<\/div>\n

\n
\n

The price of bread, cereals, milk, cheese and eggs rose the fastest, while the cost of vegetables, meat and chocolate were also higher.<\/p>\n<\/div>\n<\/div>\n

\n
\n

Prices also rose for other staples, such as toilet rolls, pet food and toothbrushes.<\/p>\n<\/div>\n<\/div>\n

\n
\n

The increase was above all economists’ forecasts in a Reuters poll for inflation to rise to 9.8% in July, and will do nothing to ease the Bank of England’s concerns that price pressures may become entrenched.<\/p>\n

Despite warning that a recession was likely, the BoE earlier this month raised its key interest rate by 0.5% to 1.75% – its first half-point rise since 1995.<\/p>\n

It forecast inflation would peak at 13.3% in October, when regulated household energy prices are next due to rise.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Soaring food costs have pushed UK inflation into double digits for the first time since 1982, with prices continuing to rise at their fastest rate<\/p>\n","protected":false},"author":27,"featured_media":24590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[5854,5853,4940,5852,1239,252,5855,2077,1857],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/neighbourhoodretailer.com\/wp-content\/uploads\/2022\/08\/Grocery-basket.png","_links":{"self":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts\/24589"}],"collection":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/comments?post=24589"}],"version-history":[{"count":1,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts\/24589\/revisions"}],"predecessor-version":[{"id":24591,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts\/24589\/revisions\/24591"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/media\/24590"}],"wp:attachment":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/media?parent=24589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/categories?post=24589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/tags?post=24589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}