Food inflation has soared to the highest rate ever recorded. Fresh food swelled to 12%, while the price of animal feed and fertilizer climbed even higher. Shoppers are expected to slowdown their discretionary spending in the coming months, with many retailers also worried about meeting their own increasing overheads. Food inflation surged to its highest rate on record since the index started in 2005, according to freshly published data. According to the British Retail Consortium (BRC) and NielsenIQ shop price index, food inflation hit 10.6 percent in September, up from 9.3 percent in August. For fresh food, inflation swelled to 12.1 percent, up from 10.5 percent in August, also the highest rate in the category ever recorded. Prices of animal feed, fertiliser and vegetable oil were amped up further this month due to the war in Ukraine, Helen Dickinson OBE, BRC chief executive, said. This has then caused fresh […]