Prices for tea bags, milk and sugar all rose significantly in October.
The cost of making a cup of tea went up significantly as food prices continued to rise at record rates in October, a retail trade body has said.
And with oil and gas prices at high levels, businesses are having to pay more to transport produce due to higher fuel costs. Worker shortages have also contributed to higher wages for some, such as lorry drivers, adding to employers' wage bills.Helen Dickinson, chief executive of the British Retail Consortium, said October had been a "difficult month" for customers, who had not only faced an increase in energy bills, "but also a more expensive shopping basket".
For example, if a bottle of milk costs £1 and it goes up to £1.05 a year later, then milk inflation is 5%. Experts have said the high inflation will put pressure on the Bank of England to hike interest rates and it is widely expected to bring the base rate to 3% at its next meeting on Thursday.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
East Coast Diesel Prices Are Soaring | OilPrice.comEast Coast retail diesel prices are soaring relative to the rest of the country, propelled by inventories in the region that are almost half of what they normally should be at this time of year
Weiterlesen »
Prices At The Pump Fall For Third Straight Week | OilPrice.comNational averages for a gallon of gasoline at the pumps in the United States have now fallen for the third straight week, shedding a total of 4.7 cents compared to a week ago, with the average price per gallon now sitting at $3.72.
Weiterlesen »
Deep OPEC Output Cuts Upend Biden’s Attempt To Lower Oil Prices | OilPrice.comIn an effort to combat rising prices, earlier this year President Biden began the largest drawdown of the Strategic Petroleum Reserve in U.S. history.
Weiterlesen »
Energy Price Guarantee scheme: NI energy suppliers to reduce pricesEnergy companies in Northern Ireland are reducing prices for households on Tuesday due to the Energy Price Guarantee scheme
Weiterlesen »
House prices fall after mini-budget, says NationwideThe turmoil sparked by Liz Truss's mini-budget hit housing sales, according to Nationwide.
Weiterlesen »
Bus operator increases prices on popular route due to cost of living crisisA bus operator has announced that prices are to go up on a popular route.
Weiterlesen »