Almost half of British people have cut back on food purchases as prices surge; while others are having to spend more on their shopping, according to official figures; which show the scale of the current cost-of-living squeeze.
British consumer price inflation hit a 40year high of 9.1% in May with food and drink prices up 8.6%; and the Bank of England expects the annual CPI rate to exceed 11% in October. Which is when a 40% rise in regulated energy tariffs will hit.
Another 48% said they had needed to spend more than usual on their food shopping. Overall, 91% of people said their cost of living had risen over the past month.
These figures match reports from British supermarkets that shoppers are under increasing financial pressure.
U.S. bank Citi forecast last month that British food price inflation would exceed 20% by early next year.
-Reuters
