Half of the UK population has reported buying less food when shopping in recent weeks, as food price inflation puts increasing pressure on British households.
According to survey results from the Office for National Statistics (ONS), the rising cost of living has caused Britons to cut back on their spending on food.
The ONS survey, which sampled nearly 3,000 people over the two weeks to Jan. 29, shed light on food insecurity in the UK, which refers to households unable to get enough food to live a healthy life.
Half of the adults who took part in the survey said they were buying less when food shopping, as price rises took a toll on British households.
Around a tenth of adults reported that they often or sometimes run out of food and could not afford to buy more in the past month, the ONS found.
Some 13 percent said they had cut down meal size or skipped meals in the past month because there was not enough money for food. About a fifth of those adults said they had done so for more than a fortnight in the month.
More than a quarter said they often or sometimes could not afford to eat a balanced diet.
Food Prices Soar
According to the latest data from research firm Kantar, grocery price inflation in the UK has reached a record 17.1 percent, adding a potential £811 to annual household shopping bills.Fraser McKevitt, head of retail and consumer insight at Kantar, said: “Shoppers have been facing sustained price rises for some time now and this February marks a full year since monthly grocery inflation climbed above 4 percent. This is having a big impact on people’s lives.
“Our latest research shows that grocery price inflation is the second most important financial issue for the public behind energy costs, with two thirds of people concerned by food and drink prices, above public sector strikes and climate change.
“One quarter say they are struggling financially, versus one in five this time last year. The numbers speak for themselves.”
According to the British Retail Consortium (BRC)-NielsenIQ Shop Price Index, shop price inflation has reached another record high.
Shop prices are now 8.4 percent higher than they were a year ago, up from an 8 percent increase in January and well above the three-month average of 7.8 percent.
Food inflation accelerated to a record 14.5 percent in February, up from 13.8 percent in January, while fresh food prices are also now a record 16.3 percent higher than a year ago, up from 15.7 percent in January.
A weaker pound resulted in imports of fresh food from Europe, especially vegetables, rising in price.
Inflation on products other than food hit a high of 5.3 percent, up from 5.1 percent last month and above the three-month average of 4.9 percent, with gardening tools and pet food particularly affected by cost pressures.
BRC Chief Executive Helen Dickinson said: “Shop price inflation rose to another record high as retail prices across the board continued to react to the impact of soaring energy bills, higher running costs, and tougher trading conditions brought about by the war in Ukraine.
“While we expect to see the annual inflation rate reduce in the second half of this year, retail prices will remain high over the coming months.”
Inflationary Pressures
Food prices have continued to rise despite signs of easing in overall inflation in the UK.According to the ONS, the Consumer Prices Index (CPI) rose by 10.1 percent in the 12 months to January 2023, down from 10.5 percent in December 2022.
On a monthly basis, CPI fell by 0.6 percent in January 2023, compared with a fall of 0.1 percent in January 2022.
Commenting on the inflation figures, Chancellor of the Exchequer Jeremy Hunt warned: “While any fall in inflation is welcome, the fight is far from over. High inflation strangles growth and causes pain for families and businesses. That’s why we must stick to the plan halve inflation this year, reduce debt, and grow the economy.”
Business groups have also warned that the inflation rate remains “stubbornly high” and prices have settled at a much higher level.
Governor Andrew Bailey said the central bank had “seen the first signs that inflation has turned the corner.”
But he said that it is “too soon” to declare victory over inflation, as “inflationary pressures are still there.”
He added, “If there were to be evidence of more persistent pressures, then further tightening of monetary policy would be required.”
