London, April 01 (QNA) – Official data predicts that food price inflation in Britain will reach 9 percent this year, even if the Strait of Hormuz reopens in the coming weeks, due to rising energy prices resulting from the conflict in Iran.
Data released by the British Food and Drink Federation (FDF), which represents approximately 12,000 manufacturers, suggests that prices will rise by at least 9 percent by the end of 2026, nearly three times the previous estimate of 3.2 percent before the outbreak of the conflict in the Middle East.
This estimate assumes the reopening of the Strait of Hormuz, a vital shipping lane, to cargo traffic within two to three weeks, along with the return of most major energy facilities, such as oil, gas, and fertilizer plants, to normal operations within a year.
Many companies, which typically renew their energy contracts in April, are facing sharp cost increases due to rising daily fixed charges for accessing gas and electricity networks.
The pressures aren't limited to energy; producers are also facing rising packaging costs and fuel prices for transporting goods.
The British government is under increasing pressure to provide support, although it has so far insisted that any aid will be targeted at the most vulnerable households. (QNA)