Food prices set to overtake energy bills as cost-of-living crisis ‘epicentre’, report warns
FOOD inflation is up almost 20 per cent on this time last year, new Office for National Statistics showed today.
The consumer prices index (CPI) inflation fell to its lowest level for more than a year last month – but at 8.7 per cent still outstripped average wage increases.
The decline from 10.1 per cent in March was largely down to energy prices stabilising after the sky-high rises from a year ago.
But it was higher than forecast by economists, who had pencilled in a drop to 8.2 per cent in April.
The figures showed food inflation is at 19.3 per cent, down only slightly on March’s 19.6 per cent and remaining close to the highest rate for more than 45 years.