The Bank of England might claim that inflation is running at just over two percent, but prices are increasing far faster down at the supermarket. For the last four months, UK food inflation has come in at 6 percent.
Here is an interesting question - how important is food prices in the CPI measure? What would you think? Before you answer, think about what proportion of income you spend on food.
According to the Office of National Statistics, food is given a 9 percent weight. This implies that the average household spends just 9 pennies in every pound on food.