Grocery Inflation in the UK Reaches Record High
In the month of February, grocery inflation in the United Kingdom reached a record high of 17.1%, per analysis by market research firm Kantar Worldpanel.
The market research group noted that the increase in the last 12 months signified that British families had to put up with a roughly £811 annual increase in the cost of their regular shopping basket of grocery items.
Food prices, along with the prices of other goods, have surged in the aftermath of Russia’s invasion of Ukraine, which kicked off an uptick in energy prices that has impacted many other sectors of the global economy.
Inflation peaked in the UK at 11.1% in October 2022. However, as a Sky News report noted, food and other grocery related costs have been some of the principal drivers of why the UK’s CPI measure has hovered above 10% for some time.
Inflation is practically a universal phenomenon in the Collective West. It’s not a random product of the elements. Inflation is the result of these countries’ pursuing easy money and burdensome regulatory policies that cause supply shocks in the economy. When too much money chases too few goods, inflation immediately ensues.
Western nations could be on the cusp of witnessing wholesale reductions in their standard of living due to inflation. If there is no reversion in monetary policy, economic misery will invariably follow.