By Lorena Cristea
Food inflation continues to rise at alarming rates in Britain. Prices have risen at the fastest rate in 45 years. However, they fell from 10.4% in the year to February to 10.1% in the year to March, BBC shows.
Many small businesses have been forced to close. Others are worried for their future.
In 2022, it was estimated that 40% of the small businesses based in the UK had less than three months’ worth of cash left, meanwhile 10% were in ‘serious trouble’, and 300,000 would only have weeks left to stay in the market, said the Office for National Statistics.
Unit to let at Nag’s Head in Holloway. Courtesy of Lorena Cristea
Sarwan Tawfeeq is the owner of a small butchery in Holloway. He confessed his business is harshly affected by the price increase. The 39-year-old said that people are not willing to spend more money on food and that they lost customers because of this.
“Go to the Nag’s Head Market and you can see how many shops have been closed because of the increase in price,” he told Holloway Express.
The Holloway Meat London Shop. Courtesy of Lorena Cristea
Shocking prices in supermarkets
Although Britons are struggling to make ends meet, budget supermarkets prices have skyrocketed in the last year.
A recent study by The Mirror shows that Lidl had a price increase of 23.6%, while Aldi had 22.5%. Meanwhile, Waitrose prices only rose by 15.2%.
Price comparison between Lidl and Waitrose. Courtesy of Lorena Cristea
According to BBC, the prices of bread, cereal, and chocolate rose more than expected during the last month.
People in Holloway are feeling the pinch. They don’t hope for anything better, they told Holloway Express.
Vitalija Ziciute, 29, and works as an administrator in an office and a warehouse operative. Before inflation, she managed to cover the whole week’s expenses for £50. However, now, she spends the same amount and gets much less food.
“I think everything will get more and more expensive with the time being,” she says.
A 19-year-old retail volunteer, who asked to remain anonymous, is aware of the situation that people are faced with, despite the fact she does not earn a wage.
“Britain will eventually recover I believe, but that’s a long time coming. But I do think things will get worse until they get better,” said the charity worker.
Ninety-year-old anonymous retail volunteer, 22-year-old student Yuqi Wang, and 29-year-old office administrator and warehouse operative Vitalija Ziciute discussing about difficulties they faced during food inflation
Student Yuqi Wang, 22, says that inflation has affected her daily life and her spending habits. She says she is not optimistic about the future, since the prices are increasing rapidly.
What do the statistics say?
According to an economic statistic published earlier today on Statista, the inflation rate of food and non-alcoholic beverages in March 2023 reached 19.1%. This is the highest rate reported since January 1989. Over 34 years, the rate has increased by 14.8%.
CPI inflation rate for food and non-alcoholic beverages in the United Kingdom from January 1989 to March 2023. Courtesy of Statista
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