Inflation in the UK economy jumped to 2.9% for the month of May, according to the latest figures from the Office of National Statistics (ONS). Prices on UK shelves increased at the fastest rate in four years as the weaker value of sterling leads to rising import costs.
The ONS figures indicate that retailers are starting to pass on this rising cost of imports to UK consumers instead of attempting to absorb the effects of a depreciated pound in their own profits or passing the costs back on suppliers.
Food inflation
ADVERTISEMENT
The ONS said the increase in the UK’s inflation rate in May was driven by increasing food prices among other things. Food price inflation accelerated by 2.5% to leave the annual rate of food price inflation in the UK running at 2.1% for 2017.
The ONS said there was a small upward effect on meat prices on UK retail shelves, particularly for pork products. Prepared consumer foods saw the highest rate of price increase.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Inflation in the UK economy jumped to 2.9% for the month of May, according to the latest figures from the Office of National Statistics (ONS). Prices on UK shelves increased at the fastest rate in four years as the weaker value of sterling leads to rising import costs.
The ONS figures indicate that retailers are starting to pass on this rising cost of imports to UK consumers instead of attempting to absorb the effects of a depreciated pound in their own profits or passing the costs back on suppliers.
Food inflation
The ONS said the increase in the UK’s inflation rate in May was driven by increasing food prices among other things. Food price inflation accelerated by 2.5% to leave the annual rate of food price inflation in the UK running at 2.1% for 2017.
The ONS said there was a small upward effect on meat prices on UK retail shelves, particularly for pork products. Prepared consumer foods saw the highest rate of price increase.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS