Welcome to our March 2023 food price inflation tracker for the UK! Food prices have been significantly impacted by inflation, so we're here to provide you with an update on the latest data.
What is the Impact of Inflation?
- Out of 49 main food categories, only six recorded inflation in single digits between October 2021 and Jan 2023.
- Low-fat milk had the highest annual inflation rate at 46.0%.
- Many categories saw rises above 30%, with some of the top categories including tinned pasta, curry sauce, and rice pudding.
- Some staple items, such as milk, butter, toilet rolls, and eggs, have also seen significant price increases.
Category inflation - Where is Inflation Highest Within the F&B Industry
In addition to the top categories mentioned above, vegetable soup, vegetable oil, gravy granules, tomato soup, and pasta bake sauces have also experienced very significant increases in retail prices. These increases may have been influenced by supply chain disruptions, changes in demand, or production issues. See the table below for the most significant price increases for consumers.
Several categories that have seen high rates of inflation.
- Tinned pasta, curry sauce, and rice pudding are among the top categories with an annual increase of 41.70%, 39.90%, and 38.60%, respectively on their retail price.
- Other categories that have also experienced significant increases in retail prices include vegetable soup, vegetable oil, gravy granules, tomato soup, and pasta bake sauces, with retail increases ranging from 32.90% to 37.20%.
- In addition to these food categories, some staple items such as milk, butter, toilet rolls, and eggs have also seen significant increases in prices. Milk, for instance, has seen a retail price increase of 26%, while butter has increased by 21.30%.
- Toilet rolls have seen a retail increase of 15.10%, and eggs have increased by 20.70%.
Overall, the data suggests that food inflation has continued to rise in March 2023, and consumers may need to adjust their spending habits accordingly to accommodate these increases in retail prices. Be mindful of which brands you stock and the impact of any pricing changes especially in core categories such as milk, butter and toilet rolls.
Wholesale Price Inflation in March 2023
We're seeing more products with price increases than decreases, with certain products showing high rates of inflation over the last four months, such as tinned beans.
Organic produce in particular is seeing higher rates of inflation. Our data shows an average 14% increase in wholesale prices of organic produce over the last 4 months.
Many wholesalers continue to advertise promotions from brands that can help retailers save 5-25% per product/case.
In summary, food inflation is still on the rise in March 2023, and consumers may need to adjust their spending habits accordingly to accommodate these increases in retail prices. Retailers also need to shop smart in order to beat the worst of the price hikes.
One way is by using Coral to compare supplier prices and always make sure you are getting the best wholesale prices for your store. Join our waitlist for early access today.