Soaring food prices unlikely to fall any time soon even as inflation eases, says Poots

That is because it can take six months to a year for a reduction in the cost of fuel, fertiliser and other products to "feed through" to a fall in food costs, Mr Poots told the News Letter

He was speaking as official figures, from the Office for National Statistics, showed that UK inflation slowed by more than expected in January to hit a five-month low in a further sign that the cost-of-living crisis has passed its peak

Prices were 10.1% higher in January than at the same time a year ago - showing that the rate of inflation has slowed from the 10.5% reported in December even if the cost pressures faced by ordinary households continue to intensify.

The Consumer Prices Index (CPI) inflation figure of 10.1% is the lowest reading since September last year, with lower air fares and fuel costs beginning to have an impact.

But food price inflation, in particular, has remained at its highest level for 45-years - at 16.8% in January - with the cost of everyday essentials still ramping up.

Mr Poots, who warned last year of possible food shortages and soaring costs following Russia's invasion of Ukraine, said: "Food price inflation kicks in after other inflation. It has taken six months to a year to feed through. Whenever we were warning about food price inflation, people weren't actually noticing it at that point. But it's something that has had to happen."

He continued: "Now, milk prices have started to come down but, again, that will take months to feed through for products like yoghurts, cheese and butter. There's a feed-in time for that.

"Meat prices are actually still probably going north at this moment in time.

“Grain prices have moderated, they've stopped going up and maybe have started going back a little. But it's going to take a year to feed out of the system, that food price inflation."

Asked if a reduction in energy costs could ease the cost of food, Mr Poots said: "Yes. Fuel is the main reason the food is dearer – the cost of energy. The oil companies have been very slow at bringing their prices down. The oil and gas companies have been profiteering, very clearly, and that's a major problem. While they're able to make profits at the level they have, making their billions, those billions are coming out of the pockets of ordinary people.

"It's also coming out of the pockets of your manufacturers, your food providers, your famers. They're all paying massively for fuel, massively more for fertiliser, and grain and the consequence of that is higher food prices.”

The Bank of England has said it believes CPI will fall sharply this year, with governor Andrew Bailey recently saying there has been a “turning of the corner” on inflation.

It said this is due to falling fuel prices and as supply chain difficulties have eased, while wholesale energy prices have also dropped significantly since the painful costs seen last year.

The Bank is forecasting inflation to fall to around 4% towards the end of this year.