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
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IKEA to launch its own online marketplace full of second-hand furniture
IKEA will be launching its own online marketplace full of second-hand furniture.
Just like the ever-popular Facebook Marktplace, the IKEA second-hand marketplace is a dedicated space where pre-loved IKEA products can find a new home.
In bid to make affordable second-hand home furnishings easily accessible, the new online platform will enable customers across the UK to connect with one another directly, so they can buy and sell pre-owned IKEA items locally.
Designed specifically for IKEA products, the marketplace will provide everything shoppers need in one place.
The Swedish retailer is already known and loved for its 'functional' and 'affordable' home furnishings, all produced with care for people and the environment, but the launch of the new IKEA second-hand market place will make it just as easy to pass on an old favourite as it is to find a new one.
IKEA is launching its own online marketplace full of second-hand furniture / Credit: Supplied
"At IKEA, we are always looking for new ways to make life at home even better and help our customers discover products they love," a spokesperson for the retailer said.
"With the launch of IKEA second-hand marketplace in the UK, we’re taking a meaningful step toward creating a destination that simplifies access to pre-owned IKEA furniture.
"Our goal is to make passing on beloved IKEA pieces as seamless as possible.
"We’re creating a trusted and vibrant space to make it quick and easy for our IKEA Family members to trade directly with one another. We want the process for buying and selling pre-owned IKEA products to be simple, accessible and rewarding."
Detailed information regarding the official launch and how customers can get involved will be made available in the coming months.
Featured Image - Supplied
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New TV adaptation of classic Yorkshire-inspired novel Jane Eyre to air on BBC starring Aimee Lou Wood
Emily Sergeant
Manchester actress Aimee Lou Wood is set to lead a new BBC adaptation of Jane Eyre, it has been reported.
It was announced earlier this year that Working Title are producing a new TV adaptation of Charlotte Brontë’s classic novel, Jane Eyre - which will be led by The White Lotus and Sex Education star in the titular role - and Deadline has now exclusively revealed that the BBC has joined the production as the broadcaster.
The new TV adaptation has been penned for the screen by Miriam Battye - an award-winning writer best known for her work on HBO's Succession.
Published all the way back in 1847 and set across a number of fictional Northern England settings - mainly inspired by the Brontë sisters' upbringing in Yorkshire - the classic novel explores the moral and emotional development of orphan Jane Eyre as she searches for love, independence, and social equality in the 19th century.
Throughout the novel, Jane overcomes a harsh and unloving childhood and goes on to find work as a governess at Thornfield Hall, before falling in love with her moody master, Mr Rochester, and discovering a dark secret in his attic.
EXCLUSIVE: Deadline hears that 'The White Lotus' and 'Sex Education' star Aimee Lou Wood is attached to star in a new TV adaptation of Charlotte Brontë’s classic novel Jane Eyre.
Emmy nominee Wood will play the indomitable heroine in the buzzy adaptation which we understand is… pic.twitter.com/ETBRaPJanN
The novel is widely considered to be ahead of its time due to how it approaches topics of class, sexuality, religion, and feminism.
Jane Eyre has been the subject of a number of adaptations of the years - most notably the last major TV version being in 2006, also for the BBC, and a 2011 film starring Mia Wasikowska and Michael Fassbender - but there hasn't been any in 15 years now, and 2027 marks the 180th anniversary for the iconic story.
Aimee Lou Wood is also riding high at the moment after her Emmy, SAG, and Golden Globe nominations for Season 3 of The White Lotus, and after having also been cast as George Harrison’s wife, Pattie Boyd, in Sam Mendes' four Beatles biopic movies, all set to be released in 2028.
As of yet, further information on when and where the new adaptation will be being filmed is yet to be released, and there is no indication of air dates either.
The BBC is expected to reveal more details in due course, so stay tuned.
The Hoot -
24th May 2023 
