Until now, the cost of living crisis has been most closely associated with energy bills - but soon food costs will overtake energy as the main inflation driver.
Food costs are set to overtake energy bills in driving up UK inflation this summer, a new report has warned, reports The Manc.
The report by the Resolution Foundation has found that the cost of living crisis - until now dominated by sky-high energy bills - will soon be driven by rocketing food prices, once again hitting poorer UK households the hardest.
According to the report, whilst energy prices have risen faster in the UK it is still food that makes up the largest share of a typical household's outgoings.
As a result, as food prices continue to rise whilst energy bills fall back this summer it is predicted that the cost of eating will become the biggest threat to people's finances.
Food prices have increased by 25 per cent over the past year and a half, greatly impacting the squeeze on living standards in low and middle-income households.
And now, grocery bills are expected to increase again over the summer.
According to the thinktank behind the report, it was not clear that politicians were currently prepared for another year of food price rises or that “policy debates have caught up with the scale of what is going on”.
Food price inflation reached around 19 per cent in March, the highest in almost half a century. As a result, the report asserts that food prices will be 'contributing far more than energy to CPI inflation through the remainder of 2023.'
The report said: "By this summer, food costs will have overtaken energy bills in the scale of the shock they are administering to family finances."
The Resolution added that it can also model the scale of the impact across individual households, suggesting that this summer 16 million households (56 per cent) will face a big shock when it comes to paying for their food.
The Bank of England governer Andrew Bailey told business leaders earlier this month that he was 'concerned' that food and other non-energy prices would remain elevated.
Typically, food prices in the UK fall in the summer as locally-grown crops replace those imported from abroad.
However, factory gate prices for milk, meat and other foods have accelerated, in some cases by more than 50% year on year.
The Resolution Foundation’s report, Food for Thought, says food prices are expected to contribute “more to overall inflation than energy” in the months ahead.
“Between March and September 2023, food prices are expected to contribute around 2 percentage points to inflation each month, while the contribution of energy prices is set to fall from 3 percentage points to less than 1,” the report estimates.
The cost to the nation from higher food prices since the 2019-20 financial year would be £28bn by the end of the summer, compared with an extra £25bn cost from higher energy prices, it added.
Lalitha Try, one of the report’s authors, said: “Everyone realises food prices are rising but it’s less clear that the scale of the increases has been understood in Westminster.”
“What rising food prices have in common with surging energy bills is that they pose a greater challenge to lower-income households, who spend a higher proportion of their income on food – 15%, compared with 10% for the highest-income households in 2019-20.
“As a result, the effective inflation rate for the poorest 10th of households was almost 50% higher compared with the richest 10th of households in March.”
Featured image - RawPixel
Trending
Family pays tribute to ‘warm and engaging young man’ killed in tiger attack at Yorkshire Wildlife Park
The family of the young man who was killed in tragic tiger attack at Yorkshire Wildlife Park have now paid tribute to him.
The man has been named as William Chapman.
Emergency services rushed to the park near Doncaster at around 1.30pm on Saturday 10 October, after reports of a man climbing into the tiger enclosure.
Tragically, the man involved in the tiger attack lost his life.
Today, Wednesday 14 October, Chapman's family have paid a touching tribute to the 'warm and engaging young man' via police.
It reads: "William was a bright, warm and engaging young man whom his family dearly loved - and William loved them back.
"Sadly, William suffered from significant mental illness over a number of years and was consequently prescribed strong medication.
"It will be for the coroner to decide what part this played in his death. We would ask everybody to respect that process."
The tribute continues: "The family are utterly devastated by their loss and are struggling to come to terms with what has happened. The publication and circulation of deeply offensive media content is causing them severe distress at an exceptionally vulnerable time. We ask people to stop doing this.
"The family are hopeful that the relevant authorities will do their utmost to get to the bottom of why our amazing son did what he did.
"In the meantime, please do not approach the family, their addresses, or scrape any further social media from William’s or his family’s accounts.”
Yorkshire Wildlife Park shared on Sunday 11 October that Altai, the male tiger in question, is 'safe and well' and will not be euthanised as a result of the incident.
In a statement, they said: "We would like to thank everyone who has expressed their concern following yesterday's tragic incident.
"Our thoughts and heartfelt sympathies remain with the family and loved ones of the man who sadly lost his life.
"The park will be closed today while the staff team who were deeply affected by events receive specialist support.
"Many, many people have contacted us about Altai, the tiger. We can reassure everyone that he is safe and well and will not be euthanised as a result of this incident."
Leeds United is home to one of the Premier League’s cheapest stadium pints, new data reveals
Clementine Hall
Leeds United fans looking for a crisp pre-match pint, you're in luck.
Why? Because new data has revealed Leeds United as one of the Premier League clubs offering the cheapest pints in their stadium
And it's all down to credit card provider Zable, who analysed the average price of a pint at every Premier League stadium.
You'll be glad to know that Leeds United ranked a very respectable eighth among the Premier League teams with the cheapest pre-match pints, with fans paying an average £5.60 at Elland Road.
Images: The Hoot Leeds
However, supporters can currently get a cheaper drink at pubs around the stadium, where the average pint costs £4.74.
Ipswich Town have the cheapest pint at £3.50, followed by Coventry at £3.60 and Hull City at £3.90.
The top 10 cheapest stadium match day pints:
Ipswich (£3.50)
Coventry (£3.60)
Hull City (£3.90)
Liverpool (£4.80)
Sunderland (£5.00)
Everton (£5.50)
Newcastle United (£5.60)
Leeds United (£5.60)
Bournemouth (£5.60)
Brighton & Hove Albion (£5.80)
Adam McAllister at Zable says: "For many fans, grabbing a pint before kick-off is part and parcel of the matchday experience, but our research shows that where you choose to drink can make a noticeable difference to the price. While stadium pints are often assumed to be more expensive, that's not always the case.
"With the cost of attending football continuing to add up, from tickets and travel to food and drinks, small differences like these can make a real impact on the overall cost of a matchday. Taking a little time to compare prices before heading to the stadium this season could help fans make their money go further, whether they choose to have a pint at the pub or inside the ground."
The Hoot -
24th May 2023 
