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.
This story was originally published on a previous version of the Meat Management website and so there may be some missing images and formatting issues.
