Soaring food prices keeps inflation stubbornly highSoaring food prices have kept inflation stubbornly high in March, at 10.1%. The cost of food rose 19% – its fastest increase since 1977 – as the cost of living crisis continues to squeeze consumers. “With food price inflation likely to slow in the coming months as we enter the UK growing season, we expect wider inflation will continue to ease. Nonetheless, prices for consumers will remain high, especially as household bill support is lifted.”The Bank of England has a target for inflation of 2%. Panmure Gordon’s chief economist Simon French tweeted: “Some U.K. inflation forecasts in recent weeks foresaw 2% by year end & outright deflation into 2024.

Source: The North Africa Journal April 19, 2023 18:37 UTC