Butter Prices Are Up And That's Not All
The cost of food in the UK increased by 2.1% in May of 2017 over the same month in the previous year with predictions of the end of cheap food pricing apparently coming true
Historically, food inflation averaged 2.53% in the UK from 1989 until 2017, reaching an all time high of 13 percent in August of 2008 and a record low of -3.30 percent in February of 2015. However, the weaker pound coupled with rising food costs worlwide has led to inflation and rising prices for everyday staples such as butter, fish and tea.
Supermarkets have also reduced the number of promotions, adding to the increase in the average household shopping bill, with the proportion of spending on promotions much lower than in previous years.
But it's not just the retail sector, nor just the UK, that has been hit; the rise in food costs continues the upward movement observed from late 2016 and comes from a variety of product groups, particularly sugar, jam, syrups, chocolate and confectionery affecting all business sectors in many countries.