Source: The Patriot Light | AWK Network | VIEW ORIGINAL POST ==>
The food system is the largest private sector employer, supporting 4.4 million jobs and contributing 7 percent of GDP.
Tax increases in the Autumn Budget could increase food and drink prices by up to 4.9 percent in 2025, a food and grocery market report suggests.
The Institute of Grocery Distribution (IGD) forecast revealed on Friday that policy changes announced by Chancellor Rachel Reeves in October will drive an increase in business costs.
In July, new costs from changes to border operations will take effect, while the advanced Extended Producer Responsibility for Packaging initiative will drive up the costs of managing packaging waste from October.
The changes make up about a third of inflation pressure in 2025, with the remainder being underlying inflation, the report said. According to the forecast, food inflation will outpace inflation for other items next year.
This comes as shop prices continued to decline in November but at a slower rate, compared to the previous month. The British Retail Consortium has warned that this slowdown “may signal the end of falling inflation.”
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