The increase cost of importing food is pushing the price of food up in the UK. The most recent rise follows three years of falling figures since 2014.
Analysis company Kantar has signalled that some respite may be on the way for UK shoppers, as inflation forecast is set to drop below 2% in the first quarter next year.
The British Retail Consortium (BRC), the body representing UK retailers, has been applying pressure to the UK government, highlighting the risks of a no-deal Brexit on UK food prices. It has suggested that food prices would increase by up to a third on average were the UK to leave without a tariff-free deal.
However, transport secretary Chris Grayling has dismissed the BRC analysis, saying that UK farmers will simply “grow more food” if there is no Brexit deal.
Race to the bottom is over – M&S boss