Inflation Remains High For Food And Non-alcoholic Beverages

21st June 2023

Food and non-alcoholic beverage prices rose by 18.4% in the year to May 2023, down from 19.1% in April and from 19.2% in March, which was the highest annual rate seen for over 45 years. The latest easing in the annual rate reflects a monthly rise of 0.9% between April and May 2023, compared with a larger 1.5% increase between the same two months a year ago.

The slowing in the annual rate for food and non-alcoholic beverages between April and May 2023 was driven by relatively small price movements from 6 of the 11 detailed classes. The largest downward contribution came from milk, cheese and eggs, with the annual rate easing to 27.4%, from 29.3% in April.

The only food class showing an offsetting rise in the annual rate was fish, where the rate increased from 14.2% in the year to April 2023 to 16.6% in the year to May. This was principally caused by a rise in the price of canned tuna this year, compared with a fall in price a year ago.