Buttery Brexit blues as prices soar for consumers in the UK

Following the EU referendum and the subsequent sharp fall in pound, British consumers have seen a large rise in food prices.Butter prices for example, are up 15% in a month, fish 8% and the traditional British tea 6.6%

“While consumers may be starting to feel a very slight pinch, increased inflation has led to overall market growth. Simultaneously, combined sales at the UK’s four largest supermarkets increased by 0.5% year on year.”

These were the words Fraser McKevitt, head of retail and consumer insight at Kantar Worldpanel, offered as he suggested that the major UK supermarkets (Tesco, Sainsbury’s, Asda and Morrisons) now benefit from rising prices.

Kantar Worldpanel, a consumer consultancy, who conducted the research estimated that the cost of fruit and vegetables rose significantly, an issue New Food recently addressed in our Health Ingredients Month.

The news reflects fears that 2017 will be the year that Brexit’s economic impact will begin to take hold, a notion reflected in warnings made by the OECD which estimate that UK growth will slow in 2017 to 1.6% from 1.8% in 2016.

How do you feel about Brexit?

What impact might it have on UK agriculture?

And what about Brexit’s overall impact on the UK…