World Economy

UK Food Inflation at 3-Year High

UK Food Inflation at 3-Year HighUK Food Inflation at 3-Year High

Food prices climbed at their fastest rate for more than three years in May as the weak pound pushed up import prices, new research shows, BBC reported. The British retail consortium measured the prices of 500 everyday goods and found food inflation was 1.4% during the month, up from 0.9% in April. But it said overall inflation including non-food items had fallen. It comes as another study found a surprise pick-up in consumer confidence despite a predicted pre-election slump. According to the BRC, processed food prices showed the steepest rise in May, at 1.8%, up from 0.8% in April, while fresh food inflation was 1.2%, up from 1%.

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