FDF Responds to Feb 2024 inflation figures

14 February 2024

David Thomson, Food and Drink Federation Scotland’s Chief Executive Officer, responds to the latest ONS figures on price inflation.


David Thomson, Food and Drink Federation Scotland’s Chief Executive Officer, said:

“It’s encouraging to see a decline in food and drink inflation to 7.0 per cent in January. Any reduction is important to households struggling to afford higher food bills, and for business who are paying higher salaries at a time when they are continuing to streamline production costs to deliver competitive prices for shoppers.

“Unpredictable weather patterns persistently impact agricultural yields. Ongoing navigation challenges in the Red Sea, coupled with rising shipping costs, may soon exert pressure on energy prices, and, therefore, on food prices, given the energy-intensive nature of the food and drink industry. The extent of this impact hinges on the duration of ship diversions from the Suez Canal and any escalations in the Middle East.

“To support food and drink manufacturers and help hard pressed shoppers, the UK and Scottish governments must not place additional burdens on businesses. The UK Government must urgently reassess costly ‘not for EU’ labelling requirements for food sold in Great Britain.”


The decrease isn’t consistent across all goods. While we have seen prices fall for whole milk and butter by 10.0 and 7.8 per cent respectively. Olive oil is up by 38.2 per cent, cocoa and powdered chocolate has risen by 25.1 per cent and sugar is up by 18.0 per cent.

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Press Release

Government must back UK food manufacturing to deliver food security and economic growth over the next decade

The FDF’s industry manifesto sets out our long-term vision for our sector.

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Lowest food inflation since April 2022

January was the tenth month of food and non-alcoholic drink inflation cooling. Year-on-year prices rose by 7.0%, down from 8.0% in December, the lowest rate since April 2022. On a monthly basis, prices fell by 0.4%.

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Prices Dashboard - December 2023

The prices dashboard tracks prices of UK food and non-alcoholic drink, as well as prices of agricultural commodities, energy, transportation and packaging.