Food prices in the UK approached a historic high. This was reported on May 26 by The Independent, citing the results of a study by the London School of Economics.
Food prices rose by 25%. Moreover, if the country was still a member of the European Union (EU), then the growth would be 17%.
According to the study, the cost of basic consumer goods in Britain increased by 46% compared to 2022.
As experts emphasized, the bureaucratic restrictions associated with the country’s exit from the EU cost the citizens of Britain £6.95 billion, which is £250 per household.
It is noted that consumer price inflation for food in the UK is now 19.3%, while in March this figure was 19.6%.
Earlier, on May 2, Sky News channel, citing NielsenlQ’s analytical data, reported that in the UK, annual growth in food prices in April increased by 15.7%, which was a record for the past 45 years.
Meanwhile, in the report of the International Monetary Fund (IMF) dated April 11, the UK was called the worst in terms of financial performance among the G7.
The IMF predicts that UK GDP will contract by 0.3% during the year. As for growth, it is likely only next year at a rate of 1%. It is noted that in this way the UK will take second place among the G7 member countries in terms of economic downturn. Germany is in first place.
Prior to this, on February 28, the growth in the cost of food in Britain reached a record – 17.1%. Dairy products and eggs are the most expensive in the country.