FDF responds to December 2024 inflation figures

Balwinder Dhoot, Director of Industry Growth and Sustainability, The Food and Drink Federation (FDF), said:

“Despite all the work manufacturers have done over the last couple of years to keep costs down for UK consumers, unfortunately food and drink price inflation persists.

“Unexpected increases to national insurance, rises in the minimum wage, and the introduction of multi-billion pound fees to businesses to pay for recycling reforms will add to the costs of food production. This is alongside record high prices for some global commodities, like cocoa, coffee and olive oil.

“It’s critical that government works with industry to mitigate the impact of new taxes and regulation, to minimise price rises for consumers, and to help businesses continue to make the case for investment. We’d urge government to sharpen its focus on accelerating growth by creating a more supportive business environment for UK manufacturers, with a particular focus on the quality and cost of regulation.”

Background

• Food and non-alcoholic drink inflation was steady in December at 2.0% year-on-year. On the month, prices rose by 0.5%
• Products with the highest price rises were: olive oil (22.3%), ‘cocoa and powdered chocolate’ (17.8%), edible offal (14.1%), lamb and goat (11.7%), chocolate (11.7%) and butter (10 .2%)
• Prices fell the fastest for: frozen seafood (-5.6%), pizza and quiche (-4.6%) and ‘dried, salted or smoked meat’ (-3.8%)