Food prices in the UK have increased at their fastest rate for three years, according to the Office for National Statistics.
The price of food and non-alcoholic beverages rose by 1.2 per cent in March compared to the same month in 2016, up from a rate of 0.2 per cent in February. This was the biggest increase since March 2104.
The figures indicate that a prolonged period of food price deflation, driven by the supermarket price war, is over. This is due, in part, to the post-referendum devaluation of the pound, which has raised import prices.
Overall Consumer Price Index inflation remained unchanged since February at 2.3 per cent, but this is still above the Bank of England’s target of two per cent.
The increase in food prices “came from a wide range of food items”, according to the ONS, “with only fruit providing a small downward contribution”.
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