World meat industry news

UK food price inflation hit a 14-year high of 9.3%, Sky News reported on Wednesday, citing a report from the British Retail Consortium (BRC).

"Food prices rose at the fastest pace since August 2008 - by 9.3% compared to 7% last month," the channel said. At the same time, prices for fresh products increased by 10.5% compared to August 2021, Sky News reports.

Earlier, the consulting firm Kantar reported food price inflation of 11.6%, which could increase the average annual food bill for the average Briton by £533. And the Office for National Statistics (ONS) said that annual inflation in the UK in July accelerated to a record 10.1% since 1982 from 9.4% a month earlier.

After the start of the military operation of the Russian Federation in Ukraine, the West increased sanctions pressure on Russia. Traffic disruptions have driven fuel and food prices up in Europe and the US. In the UK, the rising cost of living has hit millions of households.

Earlier, the British central bank raised the discount rate by a record 50 basis points since 1995, to 1.75% from 1.25% per annum. Now the rate is at its highest level since December 2008, when it was 2%.

According to the forecasts of the regulator, the UK economy will enter a recession from the fourth quarter of this year.