Spring statement: food inflation up by 5.1%

Food inflation has reached 5.1% (CPI) in the year to February, the Office for National Statistics ‘basket of goods’ data has revealed.

The news comes as the government’s statistics body reported that CPI inflation has now reached 6.2%, placing pressure on the Chancellor’s spring statement ‘mini-budget’ due today (23 March).

Pasta and couscous prices have risen by 9.4% over the past year and the ‘bread and cereals’ category rose by 4.2.%

READ MORE: Analysis: What the spring statement will mean for the grocery sector

Prices within the ‘milk, eggs and cheese’ section increased by 6.1%, with low-fat milk increasing by 11.1% and eggs by 8.1%.

The largest inflationary increase came from ‘jams, marmalades and honey’ which soared by 16.1%, while fruit prices increased by 6.2%. Additionally, meat prices rose by 5.2%, with ‘beef and veal’ up by 7.9% and poultry 6.8% pricier.

Driving the 6.7% price hike for non-alcoholic beverages was coffee at 10.3% and mineral or spring waters which grew by 11.3%.

On top of this, manufacturers have also raised their prices at the fastest rate since September 2008, with output price inflation rising to 10.1% in February compared to 9.9% in January.

Metal products, used in the packaging of canned goods, rose by 13.8% and chemical products rose by 17.9%.

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