Inflation in UK shops hits record high as food prices soar – business live

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Rolling coverage of the latest economic and financial news, as food prices rise at fastest rate since at least 2005

There’s little hope that food price inflation will ease off soon, warns Andy Clarke, former chief executive of supermarket chain Asda.

Clarke, now the chairman of operational improvement specialist Newton Europe, has told Radio 4’s Today Programme that we faces a tough winter.

We’re seeing inflation numbers at over double-digit. There’s nothing we can see in the near term that suggests it’s going to go south of that. If anything, it’s going to go up.

Everyone wants to enjoy Christmas, but you’ve got to take a view that certainly for the next three to six months we’re not going to see any rapid decline in inflation….

I think it’s going to be a tough winter, and food inflation is clearly adding to the burden for families.

Fast fashion chain Boohoo Group Plc and high street bellwether Next Plc both issued profit warnings in September while Asos Plc is restructuring its business.

Online furniture store Made.com Group Plc is set to enter insolvency due to weaker demand and supply-chain difficulties.

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 ALL Credit of this post going to https://www.theguardian.com

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