FX.co ★ UK food prices surge by 4.5%

Living standards are falling dramatically in the UK. Rising food prices have become a matter of deep concern for UK citizens. They soared by 4.5%.

Moreover, the UK authorities said that the country could face even more serious consequences amid soaring prices. According to the Office for National Statistics, food prices have been rising at the fastest rate in a decade. They have jumped by 4.5% since the start of 2022, while inflation has surged by 2.8%. "Retail prices edged up further as commodity, energy, and transport costs continued to climb. Retailers have been working hard to protect their customers from these rising costs, particularly at a time when households are being impacted by a huge rise in household energy bills," chief executive of the British Retail Consortium Helen Dickinson said.

The UK is tackling a cost of living crisis amid rising energy prices and global supply chain disruptions due to hostilities in Ukraine. UK annual inflation soared to a 40-year high of 9% in April. At the same time, experts predicted a record reduction in UK income in 2022. Inflation-adjusted real disposable incomes will drop by around 3.4%.