UK food prices soaring
Food prices are soaring at the fastest rate for almost 18 months despite supermarkets unleashing record discounting. The cost of the weekly shop jumped 4.4% in the 12 months to October, according to the British Retail Consortium.
The trade body warned the rise would have been much higher had stores not absorbed rocketing commodity costs, with beef prices up almost a fifth, wheat up by half and corn soaring 61%.
Stephen Robertson, Director General of the BRC, told the BBC the supermarkets were doing everything they could to keep prices low - but warned that next year's VAT rise would have an impact on cost.