According to the latest figures, Food Prices in the United Kingdom are increasing at their fastest rate in 45 years, with the cost of basics such as eggs, cheese, and milk increasing. Food price inflation has hit 16.2 percent in the year to October 2022, up from 14.5 percent in September 2022.
The increasing cost of living is squeezing the budgets of households, leaving several people facing hardship. The Office for National Statistics (ONS) said that it was affecting poor households hardest, as they have spent around 50 percent of their income with food and energy, compared to around a third for those on middle incomes.
According to the latest data, UK Chancellor Jeremy Hunt is also expected to announce billions of pounds worth of public spending cuts and tax increases. Jeremy Hunt added that his plans would aim to bring the spiralling price increase under control and that he would take strict but necessary decisions to end inflation in UK.
But shadow chancellor of the Labour Party Rachel Reeves said that the increasing inflation rate will strike more fear in the hearts of families across the country, and she has blamed 12 years of economic failure. According to the ONS, food prices had increased sharply in October 2022, with milk, margarine, eggs, pasta, and cereals all rising.