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Food and Drink Federation Scotland comment on UK inflation figures

20/06/2024

David Thomson, Food and Drink Federation Scotland’s Chief Executive Officer, said:

“It’s encouraging to see food and non-alcoholic drink price inflation continue to fall, which is welcome respite for households and important for business recovery.

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“However, as politicians campaign across the country, we can’t stress enough the centrality of good food and drink to everyone’s lives and that the resilience of our sector isn’t a given. With agricultural commodity prices and energy costs rising once again, parts of the food and drink supply chain remain vulnerable and there’s little slack to cope with the impact of extreme weather events on harvests or further rises in shipping costs.

“It’s crucial that the next UK government and the Scottish Government work closely with our sector to ensure sufficient investment to guarantee the UK’s food security alongside economic growth. With the right incentives and the right regulation, our sector – the largest manufacturing sector in the country – should be a powerhouse for science and innovation, good jobs and community prosperity.”

Background

  • Food and drink price inflation fell again in May, to 1.7 per cent from 2.9 per cent in April. While food inflation is falling, prices continue to rise, but more slowly.
  • The decrease isn’t consistent across all goods. While we have seen prices fall for jams and marmalades, whole milk and butter by 6.2 per cent, 5.5 percent and 4.4 per cent respectively. Olive oil is up by 39.1 per cent, cocoa and powdered chocolate has risen by 19.5 per cent and sugar is up by 9.8 per cent.
  • UK gas prices are about 45% higher than in February, with trading in futures gas market reflecting concerns about potential disruptions to supplies of the transport of LNG (liquefied natural gas) through the Red Sea.

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