Jeremy Hunt tries to calm inflation fears after food prices rise to 45-year high

19 April 2023, 07:56 | Updated: 19 April 2023, 12:36

The chancellor tries to calm fears as food prices have risen by 19.2%
The chancellor tries to calm fears as food prices have risen by 19.2%. Picture: Alamy

By Asher McShane

The Chancellor has insisted the UK's economy "is on the right track”, despite inflation remaining in double digits.

Mr Hunt told Sky News: “There is no such thing as an automatic fall in the headline rate of inflation.

“That’s why we have a plan and if we’re going to reduce pressures on families it’s absolutely essential that we stick to that plan and we see it through so we halve inflation this year, as the prime minster has promised”.

"Although our core inflation is marginally higher than other countries, this is a common problem we’re all facing.”

He said while the core inflation is higher in the UK than other European countries, places like Germany have a higher rate of food inflation.

“Everyone is very clear that the UK is on the right track to focus on bringing down inflation," he added.

“And if we do that we can get through this very difficult period and make sure that we’re not having the same discussions this time next year”.

Mr Hunt's comments come after new figures which show food prices accelerated at their fastest rate for 45 years last month, with inflation of food and non-alcoholic drinks soaring to 19.2%.

In February the figure stood at 18%.

Food prices overall have increased by 19.6% per year, driven by rising price of bread and cereal (19.4%), meat (17.4%), and fish (16.7%).

Some food items have soared staggeringly in cost - with whole milk up by 37.9% and eggs by 32%.

The price of olive oil has increased by nearly 50% - driven by the Ukraine war.

Veg is up by 19,3% and fruit 10.6%.

Read more: Prince Harry to skip King Charles' coronation concert to 'rush home to Meghan and their children'

Read more: Fox News settles Dominion lawsuit for $787.5m after 'admitting it peddled Trump's 2020 election lies'

The ONS said that food and non-alcoholic beverage inflation is the highest seen for over 45 years, with estimates suggesting that the rate would have last been higher in August 1977, when it was estimated to be 21.9%.

The overall inflation rate has dropped but stayed in double digit levels.

The consumer prices index dropped to 10.1% in March, down from 10.4% in February, according to the Office for National Statistics.

Hard-pressed consumers are seeing some relief after months of soaring prices. But economists had predicted a fall to 9.8%.

Overall, goods prices rose by 12.8% in the year to March, while services inflation stuck at 6.6%.

Inflation - the rises broken down

  • Food and non-alcoholic beverages: 19.1%
  • Alcoholic beverages and tobacco: 5.3%
  • Clothing and footwear: 7.2%
  • Housing, water, electricity, gas and other fuels: 26.1%
  • Furniture, household equipment and maintenance: 8.0%
  • Health: 7.1%
  • Transport: 0.8%
  • Communication: 3.7%
  • Recreation and culture: 4.6%
  • Education: 3.2%
  • Restaurants and hotels: 11.3%
  • Miscellaneous goods and services: 6.7%

More Latest News

See more More Latest News

People thought to be migrants board a small boat leaving the beach at Gravelines, France, in an attempt to reach the UK by crossing the English Channel. Picture date: Saturday May 31, 2025.

Starmer 'loses control' on immigration as 1,200 migrants cross Channel in a day

US prosecutors allege Miller was working with a Chinese national to illegally acquire weapons systems and other classified equipment for the Chinese government.

British businessman 'caught spying for China' faces 40 years in US prison after FBI sting

Dani captioned the post of the newly weds 'The Bowens'

Love Island's Dani Dyer and West Ham captain Jarrod Bowen tie knot in 'Bridgerton-inspired' ceremony

Paris St Germain sweep aside Inter Milan to win Champions League

Paris St-Germain thrash Inter Milan with record 5-0 win - becoming Champions of Europe for the first time

A group of people thought to be migrants onboard a small boat leaving the beach at Gravelines, France, in an attempt to reach the UK by crossing the English Channel. Picture date: Saturday May 31, 2025.

Coastguard resources 'stretched thin' by migrant rescues as fishing boats urged to help yacht in trouble

Hamas leader Muhammad Sinwar was killed in an Israeli airstrike

Hamas leader Mohammed Sinwar 'eliminated' in airstrike on tunnel under south Gaza hospital, IDF confirms

Brandon Moore is a rugby league player.

Rugby league star missing as wife issues desperate plea to find father of three

Thicke and his long-term partner tied the knot in a lavish ceremony in Cabo San Lucas, Mexico.

'Through Thicke and thin': Robin Thicke gets hitched to model April Love Geary in Mexico after seven-year engagement

Police officers look at the remains of a crashed plane on the terrace of a residential building in Korschenbroich, Germany, Saturday, May 31, 2025. (David Young/dpa via AP)

Two people die after small plane crashes into house in Germany

Aziz Ziriat had been hiking in the Dolomites with his friend.

Body of British hiker missing in Italy since January found at foot of mountain as family praise rescuers' 'commitment'

Emergency services were called to Frith Road, Croydon, just after 9am on Saturday and treated two injured people at the scene.

Woman in her 20s stabbed to death in 'tragic' incident in Croydon as man arrested on suspicion of murder

WFP distribute flour to Palestinians struggling with hunger in Gaza.

Dozens of UN food lorries 'blocked and emptied' by desperate Palestinians

Hamas has agreed to release 10 living hostages and 18 bodies in response to the US' Gaza ceasefire proposals.

Hamas demands changes to US Gaza ceasefire plan - as US envoy Steve Witkoff slams 'totally unacceptable' proposal

Emergency services responded on Friday to a report of two children, a boy and a girl, who were facing difficulty in the water near the Royal Terrace Pier in Gravesend, Kent.

Body found in search for missing girl who vanished in the River Thames as rescued boy remains in stable condition

Pete Hegseth, U.S. Secretary of Defense, at NATO headquarters

Pete Hegseth warns Chinese invasion of Taiwan could be 'imminent'

Michael Mosley died while on holiday with his wife on the Greek island of Symi last year

Michael Mosley's family set up research project in his memory after TV doctor's tragic death on Greek island