Summary
Food prices have been increasing for several months, reaching a 4.9% rise over the past year, partly due to poor weather and global events like the war in Ukraine. This situation affects both consumers and businesses, with some companies raising prices to cover increased costs. Lower-income families feel the impact more because they spend a larger share of their income on food.
Key Facts
- Food and non-alcoholic drink prices rose 4.9% over the past year.
- Climate issues, such as drought in the UK, have reduced crop yields.
- Global events, including the war in Ukraine, disrupt supply chains and raise prices.
- Some farmers have had to change their business models due to these challenges.
- Businesses face higher costs from wages and insurance and often pass these on to consumers.
- Many consumers are cutting back on eating out and opting for smaller treats.
- Lower-income families are more affected by rising food prices as they spend more of their budget on food.
