Lamb among daily foodstuffs hardest hit by inflationary pressure

Lamb among daily foodstuffs hardest hit by inflationary pressure

The latest market update by the Food and Drink Federation (FDF) has revealed that many daily foodstuffs, which includes lamb, have seen double-digit inflationary rises, as overall UK inflation rose to 9.4% in June, up from 9.1% in May.

For the eleventh month in a row, food and drink inflation increased in June, with prices rising by 9.8% compared to a year ago, up from 8.7% in May. According to the FDF, this is the highest increase since March 2009.

Foodstuffs that saw double-digit rises in inflation include lamb, which now stands at 14.9%, and ready-made meals, with inflation on this product category at 16.7%. Pressures on flour rose to 19.3% and butter to 21.5%, respectively.

According to FDF, food ingredients produced in the UK were 14.3% more expensive in June on the year (up from 10.5% in May) and imported ingredients saw prices higher by 23.2% (up from 21.4% in May). Goods leaving the food and drink manufacturers’ facilities saw inflation soar to 12.2% (up from 10.5% in May).

Additionally, the global UN food index dropped by 2.3% in June from May, however it remains 9.3% above its February 2022 level and 47.3% above its October 2020 level.

As it takes up to a year for rises in producer costs to filter through to prices on the shelves, FDF said, food inflation will continue well into 2023.

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