Fact Service May 2023

Issue 18

Record high food price inflation ‘may have peaked’

Food price inflation has reached a new record high – hitting 15.7% in April, up from 15% in March – but may have peaked, according to the industry body the British Retail Consortium (BRC).

It found that, while food price inflation rose, shop price annual inflation slowed fractionally to 8.8% in April, down slightly from 8.9% in March. However, it remains at near record highs.

Fresh food inflation also rose last month, to 17.8%, up from 17% in March, the highest inflation rate in the fresh food category on record.

Ambient food also climbed, to 12.9%, up from 12.4%, the fastest rate of increase in the ambient food category on record.

Helen Dickinson, OBE, BRC chief executive, commented: “We should start to see food prices come down in the coming months as the cut to wholesale prices and other cost pressures filter through.”