The CGA Prestige Foodservice Price Index continued its strong upward trend during November 2022 to reach record inflation of 21.5%. This, it says, marks a tenth consecutive month of double-digit inflation, and the first time in the history of the Index that inflation has exceeded 20%.
“All categories of the Index recorded double-digit inflation, and one—Oils & Fats— remained at unprecedented highs reporting 47% year-on-year. There is some evidence to suggest that the heat may be dissipating in this sector, with month-on-month increases moderating from earlier highs. The Vegetables category of the Index rose nearly 4% month-on-month to register year-on-year inflation of 23%.
“However, the major upstream influencers on the price of food, including oil, exchange rates and volatile commodity markets, are now showing some signs of stabilising. The cost of oil fell in November from $93 to $82 per barrel, while Sterling was stable against the Euro and Dollar. Food commodity markets have eased in recent weeks, with the UN’s FAO Food Price Index virtually unchanged compared from October, and month-on-month decreases in the price indices for cereals, dairy and meat almost offsetting increases in vegetable oils and sugar.”