In the year to May, British food inflation, as reported by the Office for National Statistics (ONS), eased from an annual pace of 19.1% to 18.4%. According to a recent report by Savills, however, total expenditure at grocery stores only increased by 10%, implying a dramatic drop in volumes. Yet food store sales volumes, which rose about 8% during the pandemic as people worked from home, are only down by 2.3%
Is Britain’s inflation rate overstated?
Jul 14, 2023
2 minutes
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