Food and drink price inflation continues to stabilise

Balwinder Dhoot, Director for Sustainability and Growth, The Food and Drink Federation said:

"We’re pleased that as pressures across the food supply chain ease, food and drink price inflation continues to stabilise. While energy and global commodity prices remain elevated due to a series of shocks, including the war in Ukraine and ongoing geopolitical uncertainty, there are strong signs that the industry is turning a corner. Around 85 per cent of food manufacturers expect to maintain or increase investment levels over the coming year, after a 30 per cent decline since 2019.

“Our industry plays a vital role in every community, and the local and national economy. As well as providing job opportunities and skills development it underpins the nation’s food security. Continued investment is key to safeguard and enhance the resilience of our food supply, tackle climate change and health inequalities, and boost jobs and growth.”

Ends

Background

• Annual food and non-alcoholic drink inflation was steady at 1.5% in July.
• There is a mixed picture for individual categories. 20 out of the 49 categories reported by the Office for the National Statistics were in deflationary territory in July, while inflation was below 5.0% for 17 categories. Prices fell the fastest for frozen seafood, and ‘jams and marmalades’ by 8.1% and 5.4% respectively, while olive oil, ‘cocoa and powdered chocolate’ and ‘lamb and goat’ recorded the highest rises at 37.5%, 19.6% and 12.3%, respectively.