Inflation continues accelerating to new heights

The Food and Drink Federation Chief Executive Karen Betts said:

"Food and drink price inflation continued its worrying upward trend in October, hitting 16.4% in the ONS figures out today.

“Manufacturers continue to do what they can to contain price rises for shoppers, and we are very conscious of their impact on low income households in particular.  But on average manufacturers have seen a 21% rise in their costs over the past year, with the high cost of energy particularly significant. This has meant that some costs are having to be passed onto consumers.

"Government could help ease these pressures by reducing the costs of doing business, for example through simplifying regulation, reducing the cost of trade with the EU, and helping companies to invest in growth, innovation and skills through tax incentives.  To that end, we’re looking forward to seeing what measures the Chancellor will set out in his Autumn Statement tomorrow.”