Food prices rise by 7% over last 12 months

Food prices have risen by 7% in the past year, according to latest figures from the British Retail Consortium.

Fresh food saw an increase of 8.4%, with veal, beef, pork and oils showing the greatest increases.

The BRC said retailers were facing higher costs from rising oil and agricultural prices, but had not passed the full costs on to customers.

Stephen Robertson, the director-general of the BRC, said: “Despite annual increases of 60 and 80 per cent in world agricultural prices and oil respectively, UK food prices have only increased by 7 per cent.

“Although their own costs are going up, food retailers are running high-profile price cuts and promotions. They are keeping prices to customers down by cutting costs and increasing sales.”