UK Food Inflation Hits Record High of 17.1%

MOSCOW (Sputnik) - Food inflation in the United Kingdom has hit a record high of 17.1%, which could push the average annual household grocery bill up to $1,000, UK data analytics and consulting company Kantar said on Tuesday.

"Grocery price inflation rose again to reach 17.1% in the four weeks to 19 February 2023, the highest level ever recorded by Kantar," a statement from the company read.

The British have been facing a steady increase in prices for a year now as the level of food inflation exceeded 4% last February and has not fallen below this figure since then, the consulting company said.

"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," the statement added.

If people do not change how they buy their groceries, households may face an increase of 811 pounds ($980) to their average annual bill, Kantar warned.

The UK has been facing a massive increase in inflation, which peaked at 11.1% in October 2022. In November, the Bank of England raised its interest rate by 75 basis points to 3% per annum — the largest single increase in 33 years. The regulator also said that the UK economy had entered a recession expected to last until the second half of 2024.