Meat, egg and dairy prices peak as food inflation hits 12.4%

Food inflation has risen to a new record 12.4% as forecasts call for an “increasingly gloomy” winter.

And rising meat, egg and dairy prices pushed fresh food inflation even higher to 14.3%, compared to 13.3% in October.

Soaring energy, transport and animal feed costs threatened Christmas cheer as grocery bills soared “unabated”, according to the British Retail Consortium (BRC).

Overall in-store prices are up 7.4% year-on-year – another high since the trade association began keeping records in 2005.

Coffee costs have skyrocketed, according to the BRC-NielsenIQ retail price index.

And “massive” dairy inflation has taken a chunk of £31m from cheddar sales, prompting industry bosses to launch a campaign to halt the slide.

Richard Clothier, chief executive of cheesemaker Wyke Farms, told The Grocer: “We’ve made it through recession and inflation before, but not at the same time, so it’s a real challenge. The situation is extremely worrying.”

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