Food inflation soars into double figures
17 August 2022
The Food and Drink Federation responds as Food and drink inflation soared into double figures in July, rising for the twelfth consecutive month in a row, with prices rising by 12.7% compared to a year ago, up from 9.8% in June.
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David Thomson, FDF Director of Strategy and Devolved Nations said: ““While it was expected, it is still alarming for shoppers and food and drink manufacturers to see food inflation rise into double figures hitting 12.7%, which continues a trend that has seen inflation rising for twelve consecutive months. The cost pressures now faced across the industry mean containing the price rises is near-on impossible despite the best efforts from our companies.
“The incoming Prime Minister must act fast to address the cost-of-doing-business crisis facing the food and drink sector by cutting the red tape and minimising the costs of existing and upcoming regulation such as on EPR and plastic packaging. The new government also needs to tackle the chronic labour shortages in our sector by improving the Apprenticeship Levy and reforming tax reliefs to provide businesses with the breathing space needed to drive investment and growth."