Bank of England (BoE) Chief Economist Huw Pill stated that British food price inflation is expected to decrease to around 10% later this year, but further decline is necessary for overall consumer price inflation (CPI) to reach its 2% target. Food and drink price inflation has been higher than other items since Russia's invasion of Ukraine, reaching its highest level since 1977 in March. It is anticipated to decrease to around 10% by the end of this year and continue to decline next year.
Food and drink price inflation has risen faster than most other items since Russia invaded Ukraine last year, hitting 19.2% in March, its highest since 1977. In June it was 17.3%, almost 10 percentage points above overall CPI.
"Certainly for us when we're looking at trying to reduce the overall level of inflation down to our 2% target, having food price inflation running at 10% is not really compatible with that on a lasting basis," he added.to a 15-year high of 5.25%, its 14th consecutive rate rise as it battles the highest inflation of any major economy.
Separately, Pill said he did not think it was useful to try to judge whether businesses or workers pushing for pay rises were more responsible for high inflation.
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