Food Inflation in the UK has risen to 18% in the last month amid severe food and vegetable shortages. Inflation has skyrocketed unexpectedly to its highest rate since 1977, after gradual decline for three consecutive months. Halt in production of vegetables in northern Africa and southern Europe is the primary cause of booming prices across UK supermarkets.
Why Are Prices Skyrocketing?
The current escalation in prices can be attributed to two reasons, one related to the decrease in production of vegetables and the second one is linked to the Russian invasion of Ukraine. Europe imports most of its food items from North Africa and Southern Europe, both currently facing unfavorable weather conditions.
After the Russian invasion of Ukraine, oil imports from Russia fell sharply and other European countries had to impose sanctions too. War in Ukraine has also reduced the amount of grain available, sharply increasing the global food prices. The average salary fell by 2.4% as salaries are not keeping up with rising food and grocery prices.