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Basic food prices surging - is a £7 pint on the way?

Geoff Riley

25th October 2022

Food prices are having a big impact on people’s cost of living. There have been some eye-watering increases in the prices of basic groceries over the last year. This is a rate of inflation that people notice on their weekly shop and it inevitably feeds into inflation expectations.

Basic food prices surging - is a £7 pint on the way?

Data for 30 everyday, grocery items, shows that the lowest-priced items have increased 17% over the last 12 months

Groceries that have increased in price in the last year include:

🌶 vegetable oil by 65%

🍝 pasta by 60%

☕️ tea by 46%

🍟 chips by 39%

🍞 bread by 38%

🍪 biscuits by 34%

With more people facing hunger, food banks in the UK are having to give out a parcel every 13 seconds. There is a crisis of working poverty in the UK economy.

Could the price of a pint climb above £7 in some of the UK's cities?

The price of raw ingredients including wheat and barley are rising well in excess of the rate of inflation, and carbon dioxide is costing 3,000% more than it did this time last year.

Links to the stories mentioned in this video short

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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