FDF responds to June 2024 inflation figures

Karen Betts, CEO, The Food and Drink Federation said:

"We’re pleased to see food and drink price inflation continuing to fall. This is key to easing the cost-of-living crisis for households across the country and crucial for business recovery.

"Stabilising input costs will help to restore business confidence and stimulate the critical investment we need to see in food and drink, the largest manufacturing industry in the UK. Our industry is at the heart of the everyday economy and the prosperity of our communities, and central to job opportunities and skills development. Investment is key to safeguarding food security and the resilience of our food and drink sector.

"Investment in food and drink manufacturing fell between 2019 and 2023 by 30%. Our priority is to work in partnership with the new government to address this, and to ensure that the right incentives are in place, alongside regulation that enables business growth and fosters productivity and innovation."

Ends

Background

• Annual food and non-alcoholic drink inflation slowed for the 15th consecutive month in June, with inflation reaching 1.5%, down from 1.7% in May and from 17.4% a year ago. This is the lowest annual rate since October 2021. On the month, prices rose by 0.2%.
• Despite the fall in overall food and non-alcoholic drink inflation, there is a mixed picture for individual categories. 18 out of the 49 categories reported by the Office for the National Statistics (ONS) were in deflationary territory in June, while inflation was below 5.0% for 20 categories. Prices fell the fastest for 'jams and marmalades', whole milk and butter, by 7.7%, 6.8% and 5.2 % respectively, while olive oil, 'cocoa and powdered chocolate’ and edible offal recorded the highest rises at 43.8%, 18.3% and 13.2%, respectively.