Latest news with #groceryprices
Yahoo
a day ago
- Business
- Yahoo
Meat and tea prices fuel sixth straight month of rising food inflation
UK families are paying more every time they go grocery shopping, as food price inflation surged for the sixth consecutive month in July, driven by a rise in the costs of meat and tea, according to the British Retail Consortium (BRC). The figures show that food prices are now 4% higher than a year ago, up from 3.7% in June and surpassing the three-month average of 3.5%. Fresh food inflation remained steady at 3.2%, while ambient food prices saw a more significant jump, climbing to 5.1% compared to last June, up from 4.3% the previous month. Overall, shop price inflation also increased, rising to 0.7% in July, up from 0.4% in June, and above the three-month average of 0.3%. Helen Dickinson, chief executive of the BRC, warned that the increase in food price inflation will be felt by households across the country. Read more: UK inflation unexpectedly rises in June on higher fuel prices 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month," she said. "Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices." Despite the rise in food costs, Dickinson pointed to a few positive trends. 'There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes.' The annual inflation rate in the UK unexpectedly rose to 3.6% in June from 3.4% in May on food costs and higher transport prices. Bread, cereals, and cake, along with meat, and milk, cheese and eggs (mainly cheddar cheese) went up in price. These were partially offset by small downward effects from chocolate products, as well as fruit juice. Mike Watkins, head of Retailer and Business Insight at NIQ, highlighted the growing strain on household finances. 'Consumers' household budgets are coming under pressure with food retailers now seeing price increases above the Consumer Price Index (CPI).' 'However, price competition helped by promotional activity will still mean that shoppers can save money by shopping around,' he added. With summer sales in full swing, Watkins also pointed out that high street retailers are facing challenges. 'With inflation on the up, high street retailers will also be concerned about customer retention over the summer holiday season if they are to maintain sales momentum.' Read more: How to get the best currency exchange deal for your holiday money Dickinson urged chancellor Rachel Reeves to think about consumers in the next autumn budget. She said: 'If the government wants to support struggling families, it must think carefully about the next Budget. Retailers are doing everything possible to protect their customers from the worst of the inflationary pressures, but the £7bn cost to retail of last year's budget forced most retailers to raise prices. "Further tax rises will ultimately hurt households, locking in inflation and forcing people to pay higher prices to put food on the table.'
Fox News
4 days ago
- Politics
- Fox News
This post ended up becoming a ‘Democratic confession': Emily Austin
Panelists Emily Austin and Samantha Jo-Roth discuss how Democrats tried to bash President Donald Trump on X for grocery prices on 'Fox News @ Night.'
Fox News
5 days ago
- Politics
- Fox News
Democrat-run X account's post on grocery prices under Trump backfires
The 'Outnumbered' panel discusses an X post by 'The Democrats' account showing grocery prices under the Biden and Trump administrations.
Fox News
5 days ago
- Politics
- Fox News
Democratic Party posts Biden-era price hikes in widely-mocked X post attacking Trump
A tweet from the official Democratic Party's X account was ridiculed on Thursday after inadvertently showing prices skyrocketing under former President Joe Biden. The post attempted to describe rising grocery prices under "Trump's America" using a graph dating from October 2019 to 2025. The graph claimed that "U.S. Grocery Prices Reached Record Highs in 2025" with prices "higher today than they were on July 2024" in categories such as dairy, produce and meat. However, many X users pointed out that the graph, in fact, showed prices skyrocketing in 2021 when Biden was president and only leveling off at the end of 2024 when President Donald Trump was re-elected. "You're showing us a graph of stable prices suddenly rising the moment you came into power and then steadily rising higher and higher until Trump was reelected," political commentator Chad Felix Greene wrote. GOP strategist Greg Price asked, "Who was in charge in 2021[?]" "Wow 2021-2024 were pretty bad," Wall Street Journal critic Kyle Smith joked. Author Carol Roth remarked, "This is not the flex they think it is." White House deputy press secretary Abigail Jackson commented, "They can't be this dumb. Are they actually this dumb???" "I don't think democrats know how to read graphs," U.S. Secretary of Veteran Affairs Doug Collins wrote. The Democratic Party's account later deleted the post. Fox News Digital reached out to the DNC for comment. Congressional Democrats have been attacking and mocking the Republican Party over high grocery prices since the beginning of the second Trump administration. Earlier this month, the Democratic Congressional Campaign Committee (DCCC) launched an interactive tool that it said shows Americans "just how much more they are paying for everyday goods under House Republicans' control." Grocery prices rose by more than 21% under the Biden administration after inflation rose to 40-year-highs in 2022. Though price increases have slowed down, inflation rose slightly in the last month.
Daily Mail
17-07-2025
- Business
- Daily Mail
Huge blow to Trump's economy as grocery prices soar for everyday Americans
Americans felt a sting at the grocery store in June as overall inflation hit 2.7 per cent compared to 12 months previously, the Labor Department revealed on Tuesday. That is 0.3 percentage points higher than last month's 2.4 per cent figure. Core inflation, which ignores volatile food and energy prices, also rose by 2.9 per cent. Bret Kenwell, a U.S. Investment Analyst at eToro, told 'Today's CPI report was mostly in-line with expectations. 'The only problem is that those expectations had called for a rise in inflation, with year-over-year inflation hitting its highest level since February.' So far, the markets have largely shrugged at higher prices. Dow Jones Futures dropped modestly in the red, while Nasdaq and S&P futures were slightly up. But the consumer pricing uptick comes at a politically sensitive time for President Donald Trump, whose administration has clashed repeatedly with Federal Reserve Chairman Jerome Powell over interest rates. Powell has warned that cutting rates too soon could fuel inflation, and with prices still rising, the case for a late-term rate cut just got tougher. Trump fired back on the report's findings in a press gaggle on the White House lawn on Tuesday. He insisted: 'There's very little inflation as you know. The numbers were very good, very much inside the margin. We've had no inflation.' He said of the tariffs: 'We're making a fortune. We're taking in hundreds of billions of dollars.' The president also noted the U.S. had a surplus of a $25billion dollars last month. But President Trump wants bankers to lower interest rates to make financing easier for the government, consumers, and businesses. Trump has railed against Powell in an attempt to pressure the banker into a new interest position. 'You have cost the USA a fortune and continued to do so,' The President wrote to Powell in a handwritten note. 'Hundreds of billions of dollars being lost! No inflation.' Today's consumer price increases also come as American consumers face new tariff shocks from mounting global tensions. President Trump campaigned on a promise to lower prices for everyday Americans, but his administration has imposed tariffs of at least 10 per cent on a wide range of imports as part of an ongoing trade dispute. He gave a new deadline of August 1 for his highest 'reciprocal' tariffs as the administration says it continues to negotiate with other countries on trade deals. Experts have warned for months that the President's signature economic policy could push prices higher. Up to this point, those fears haven't made their way into the consumer economy. For months, the Trump administration touted pricing decreases in several visible segments: egg and gasoline prices have tamped down after huge increases after his inauguration. Plus, the jobs market has remained resilient. But economic strategists warned today that the economic bubble might start to pop underneath the weight of the President's on-off tariffs. 'While inflation has remained relatively tame in the face of chaotic global trade policy, investors may start to heed the Fed's concerns about a tariff-fueled rise in inflation, reigniting a concern many were hoping wouldn't come to fruition,' Kenwell added. Kenwell said investors largely expected higher prices in today's reading. He doesn't believe that markets will dive because of the report. But he said Wall Street is starting to 'ask whether today's reading is just a one-off blip or the start of something bigger.' For shoppers, today's data helps explain why their income doesn't seem to stretch as far as it used to. Energy prices rose 0.9 per cent in the past month as warring tensions in the Middle East peaked. Food prices were also among the hardest hit last month, with food prices rising another 0.3 per cent, matching May's grocery increase. Coffee drinkers had saw the largest yearly increase. Prices for a cup of joe jumped 2.2 per cent.
