
Food price inflation is now in double-digits
Let’s quickly unpack today’s horrendous inflation figures. According to the Consumer Price Index, food inflation is now a staggering 10.6 percent year-on-year. I had previously predicted double-digit food price inflation by Christmas. But this double-digit rise in the price of food is concealed in today’s headline inflation figures of 3.8 percent CPI and 4.6 percent Retail Price Index – which factor in a 7.5% dip in clothing. In Cabinet today, Brown was expounding on his narrative that this is a global problem. But one of the biggest factors behind this is sterling’s loss of value – 13 percent against a trade-weighted index – which is of the same magnitude as
