UK Money News
15th April 2008
Food prices 'rising sharply'
The cost of food is rising at the fastest rate since 1991, the Daily Mail reports.
Global shortages of several staple food products have led to the average shopping bill increasing by £600 per year, it was claimed.
The newspaper predicts that the upcoming Consumer Price Index - a primary measure of inflation - will put the rate of overall cost increases at 2.5 per cent.
This is well above the government's official target of two per cent.
Moreover, latest figures from the Office for National Statistics show that the annual inflation rate of the prices factories pay for raw materials - another crucial indicator - is up to 20.6 per cent.
UK-produced food is also rising by 33 per cent per year, while the costs of animals for slaughter is up by 16.8 per cent.
"This is a pretty horrid set of data," economist at Global Insight Howard Archer told the newspaper.
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