Staple Foods Up 27 Percent in Britain
Posted on: Monday, 11 August 2008, 12:00 CDT
Staple food items -- bread, milk and meat -- have jumped 27 percent in price in Britain in the past 12 months, a supermarket research group said Monday.
MySupermarket.co.uk, which provides price comparisons, said the grocery bill of $191 a year ago is now up to $243.70, amounting to an annual increase of $2,694, The Daily Telegraph reported.
Although grocery stores in Britain found themselves in a highly publicized price war last month, most prices have still climbed, the Telegraph reported.
The price increases are running through the economic cycle, the Telegraph reported. Manufacturers' prices -- what retailers pay makers of prepared meals and other items -- is up 10.2 percent from a year ago, the newspaper reported.
"The near-term inflation outlook is unambiguously unfavorable, as domestic gas and electricity hikes feed through," said Ross Walker, UK economist at RBS. "But there is embryonic evidence of moderating pipeline pressures," he said.
Economists predict consumer inflation in Britain has reached 4 percent. The Office of National Statistics is scheduled to release current inflation figures Tuesday, the report said.
Source: United Press International
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