UK overall inflation remains at 3.8% in August, but food price growth climbs for fifth month in a row - business live

Food prices rise at fastest rate since January 2024 with vegetables, milk, cheese and fish going up; Bank of England expected to keep interest rates on hold on ThursdayAnalysts say that climate change is clearly affecting food prices and making them harder to control.Tom Lancaster, land, food and farming analyst at the Energy and Climate Intelligence Unit, said:Food price inflation is once again up, after the hottest spring and summer on record has hit UK farmers ability to grow crops and feed their animals, with the UK again facing one of its worst harvests in decades.Although this extreme weather will only be part of the story in these price rises, the signature of climate change is clear. And it’s not just British grown foods such as beef, milk and vegetables that are rising, but also prices for food and drink like chocolate and coffee too, both driven up by extreme weather linked to climate change. Central banks are clear that climate change increases food prices in ways they cannot control or predict, creating systemic risk to our food system. There is no monetary policy lever they can pull to address this. Only by reducing our emissions to net zero and bringing balance back to our climate will we limit the impact of climate change on food prices in the future. Continue reading...

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