Food prices climbs for nine consecutive months

Prices increased by 19.9% in October.

Food prices increased by 19.9% in October, the ninth consecutive month of double-digit inflation for the food industry, the CGA Prestige Foodservice Price Index (FPI) said.

As in previous months oils and fats led the way, rising almost 50% year-on-year (YoY). Prices in the milk, cheese and eggs category fell slightly in the month, but still increased by more than 30% compared to October 2021.

Only one category within the Index is not in double digit-inflation, with sugar, jams and syrups the outlier at 9.6%. Core products for hospitality such as meat, fish, vegetables and fruit are now all in the 16%-to-19% range YoY. Food in total climbed a further 1.3% month-on-month during October and is now running at 21% inflation year-on-year.

There were some signs during October that price-influencing factors occurring upstream of delivery are beginning to normalise, with oil prices, exchange rates and commodity markets all showing increasing stability.