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he believes food price inflation finally has peaked. he is saying that because the cost of some essentials are starting to come down. milk, bread, cooking oil, pasta, he said was 16% cheaper this month than last. but other commodities like rice, coffee and sugar, are still going up and there are still precious with energy and labour costs. so the big picture is although there are signs that food inflation is easing, that doesn t mean overall food prices are going to fall. it is just that they aren t going to go up as quick and i think thatis going to go up as quick and i think that is what he was getting at when he was saying that food prices were hopefully starting to moderate. the other thing is that he warned that it was unlikely that prices would return to where they were before russia invaded ukraine because some of these increased costs are permanent. like wage rises. that is a huge cost to the supermarkets. they are now baked into the system.
wages are rising at their fastest level in 20 years according to the latest figures. they ve added weight to expectations that interest rates will have to rise further. our economics editor faisal islam reports. at this metalwork company in leighton buzzard there has been £100,000 increase in the wage bill. at all levels. including the minimum wage. they all had between five and 7% in the last six months. and separately, when it comes to recruitment, we are seeing really high prices coming through from the new recruits we are looking to employ. that is seen across the economy with ordinary wages, that is excluding bonuses, up by 7.2% over a year. that might be evidence inflation is starting to become entrenched across the economy. so let s look at inflation. that s actually still higher than those wage rises, which, when you put it all together, means that take home pay is still falling
that is lower than it was the previous month when it was 10.4%. that means prices are still rising but not quite as fast as they were pulled up just to but not quite as fast as they were pulled upjust to be but not quite as fast as they were pulled up just to be clear, but not quite as fast as they were pulled upjust to be clear, prices are not falling, they are rising but not as fast as they were. it takes into consideration a whole range of goods and services and working at the average price from what it was 12 months ago. it is on average. some things will have gone up by even more than that. when you break it down and look at food in particular, food price inflation is at 19.2%. that is why things like fruit and veg which you see here, when you buy it in the shop to feel it is significantly more expensive thanit it is significantly more expensive than it was a year ago. of course, you price inflation against average wage rises. we found out yesterday average wages were going up by