UK food prices set to rise 50% since 2021 crisis

UK food prices are on track to be 50% higher in November than at the start of the 2021 cost of living crisis. Climate and energy shocks have quadrupled the pace of food price growth according to ECIU research. Rising food inflation could pressure the Bank of England to maintain higher interest rates for longer, potentially strengthening GBP. However, persistent inflation may also signal economic weakness and reduced consumer spending power.