Blog: Food prices grab UK headlines
Dean Best | 17 August 2010
Food inflation dominated the business pages in the UK today (17 August) after official figures showed a jump in prices between June and July.
According to data from the Office for National Statistics, food prices climbed 0.7%, the biggest monthly rise for two years.
The figures showed notable price rises for fish, milk, cheese and eggs and come at a time when food prices is again making the headlines - after recent speculation over grain and cocoa costs.
However, retail analysts at Kantar Worldpanel again tried to dampen fears of a jump in prices. Last week, Kantar said fears of a "food price apocalypse" had been "overplayed".
Today, as Kantar published its latest data on UK grocery sales, the analysts acknowledged that prices had again risen - but again downplayed the impact of commodity costs on consumer prices.
"Grocery inflation has increased and the figure for the 12 week ending period 8 August 2010 is 2.2%," Kantar said. "This increase is caused by the end of World Cup-related alcohol promotions and a comparison with falling prices a year ago rather than sharp commodity price increases which have featured in recent news items."
Nonetheless, with food prices again making headlines in the UK, consumers may start to adapt their shopping habits. Could value or own-label products benefit as shoppers seek to save money for fear that prices more broadly will rise in future?
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