Comment on Bank of England and food price inflation

Gareth Redmond-King is available for comment and interview.

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By Gareth Redmond-King

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Commenting on the Bank of England’s announcement today[1] on inflation, that included a forecast that food price inflation will remain high to the end of the year, Gareth Redmond-King, Head of International at the Energy and Climate Intelligence Unit (ECIU) said:

Climate impacts we’re seeing in all parts of the world are already a major driver of food inflation. A succession of heatwaves and drought in southern Europe last year and this year - all but impossible without climate change - have hit harvests, driving shortages and price rises. Olive oil prices, for example, have gone up to the point where it is second on the list of commodities driving UK food inflation. The Bank of England’s report makes clear the gas price crisis continues to impact the cost of food too. In 2022 alone, climate change and high fossil fuel prices added around £400 to the average household food bill.[2]

“Food inflation hits the poorest hardest. As some politicians and commentators clamour to push back on net zero, this is increasingly part of the cost of NOT zero. Cutting emissions to net zero is the way to stop climate change, prevent further temperature rises, and avoid even worse impacts in the future threatening our food security.”

Notes to editors:

1. The Bank of England’s Monetary Policy Report includes a forecast that food price inflation – at 17% in June – will only fall to around 10% by the end of the year:

2. ECIU analysis showed that the gas price crisis and climate impacts added over £400 to food prices last year:

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