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Food prices soar this year: Survey

business Updated: Sep 05, 2008 16:58 IST
Reuters
BBC

Food prices in shops and supermarkets have risen by more than 8 percent this year, with some items up nearly 50 percent, a survey for the BBC said on Friday.

The survey, carried out by retail analysts Verdict Research, found that meat and fish prices had gone up by almost 23 percent while vegetables cost almost 15 percent more.

The largest increase was in the cost of a pack of four croissants which had increased by 47.4 percent, while items such as basmati rice, skinless chicken breasts and mayonnaise were all 40 percent more expensive.

On Wednesday the British Retail Consortium said food price inflation had increased to an annual 10 percent, while shop prices in August were 3.8 percent higher than a year ago.

The figures suggest that prices are rising well above inflation with the Consumer Prices Index rate currently 4.4 percent.

With house prices also falling, commentators said the rising food prices had led the public to look to start making savings in their expenditure.

Statistics on Thursday showed car sales in August were at the lowest rate since 1966, an annual fall of 18.6 percent. Meanwhile the Guardian newspaper reported that sales at budget retailers Aldi and Lidl were significant