Russia’s pulling out of the Black Sea grain deal has sent wheat prices soaring and sparked fresh fears Rishi Sunak may struggle to fulfil his promise to halve inflation by the year’s end
Consumer price inflation stood at 7.9 per cent in June, according to the Office for National Statistics , down from 8.7 per cent the month before, and a bigger drop than markets and ministers were expecting.
A Treasury source on Thursday said ministers were monitoring food markets “and decisions that clearly influence market prices”, while warning there was still a “long way to go” to bring down inflation. He noted “we now import a lot of fruit and veg from the south of Spain” which has been hit by the heatwave.“We saw that in January with the bad weather and the shortage of tomatoes from Spain.”
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