Surging inflation which has been crippling the British economy may slow but food will remain more expensive than before the cost-of-living crisis, the Bank of England’s chief economist, Huw Pill, has warned.
Official figures show that food inflation in the world’s tenth-largest economy in terms of purchasing power parity (PPP) remained stubbornly high at 17.3% in the 12 months to June.
“Unfortunately, the days of seeing food prices fall, that does seem to be something that we may not be seeing for a little while yet, if in the future at all,” Pill was quoted as saying by Sky News on Monday.
According to the leading economist, the impact on food prices in the UK has been “a little bit more long-lasting than would have been expected.”
Poster Comment:
The US blowing up the Nord Stream pipeline cut back on Dutch and other Europeans production of food.