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According to the most recent data from the British Retail Consortium, food costs in the UK increased at a record rate in December, reaching an inflation rate of 13.3 percent, up from 12.4 percent in November.

This is higher than the three-month average rate of 12%, which is the all-time high inflation rate for the food sector.

“For many families in the UK, Christmas was difficult this year. In addition to having to pay more for electricity due to the cold snap, many vital goods also became more expensive as the effects of the war in Ukraine continued to drive up the price of energy, animal feed, and fertilizer “The consortium’s CEO, Helen Dickinson, stated in a statement.

Since there are “no apparent signs of diminishing,” she predicted that 2023 will be another “tough year” for consumers and businesses.

According to Mike Watkins, Director of Retailer and Business Insight at NielsenIQ, consumer demand will likely be poor in Q1 as a result of energy price increases and for many, the start of the arrival of holiday spending bills.

Therefore, he said, “the rise in food inflation will put further strain on household budgets and it’s unlikely that there will be any improvement in the consumer mindset regarding personal finances in the near term.”

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