Food and drink inflation increased by 2.2 per cent in the 12 months to May 2026, marking a decrease from the previous month according to the latest figures from the Office for National Statistics (ONS).

The rate of inflation slowed down in May from a three per cent increase reported in the 12 months to April 2026.

This marks the lowest inflation rate since December 2024, which was a two per cent increase.

Food and non-alcoholic beverage prices declined by 0.1 per cent on a monthly basis in May 2026 but increased by 0.7 per cent year-on-year.

There was a surge in prices for beef and veal, preserved fruit and confectionery products, which rose by 9.4 per cent, nine per cent and 8.8 per cent, respectively.

Prices decreased across multiple food categories, including flours and olive oil, at a 6.1 per cent and 4.2 per cent decline, respectively.

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However, the Food and Drink Federation (FDF) cautioned that the upcoming inflation may be affected by the closure of the Strait of Hormuz, which takes months for the higher costs to reflect.

Karen Betts, CEO of the FDF said: “Consumer prices still don’t reflect the inflation caused by the closure of the Strait of Hormuz.

“It generally takes several months for the increased costs paid by farmers, processors and manufacturers to filter into raised prices at the tills, not least because of the widespread use of long-term contracts for energy and ingredients.

“But manufacturer input costs are rising, including for transport, packaging and energy, and we expect food inflation to pick up this year and into next. Uncertainty is the new norm for food producers, which is driving up the overall cost of food production.”