Economics bulletin 01 July

Date : 30 June 2022
Your overview of economic and policy news with a focus on the food and consumer goods industry. Featuring the latest developments and guidance on the Ukraine crisis, the rising cost of living, labour shortages, COVID-19 and adapting to a new relationship with the EU.

Availability concerns

With supply chain continuing to be under pressure, around two thirds of adults (65%) experienced shortages of some food and groceries in-store or online recently, according to the latest shopper research conducted for IGD (24-26 June 2022). This is still relatively high, though has declined marginally compared to last month (68%).

See here for more details.

Declining food retail sales

New ONS retail data shows that volume sales for “predominantly food” stores have declined steadily over the 12 months ending May 2022. They are now slightly below the pre-COVID level. See here for more details.

According to ONS, 43% of adults report buying less food when shopping compared to just 8% in September 2021.

See our latest Viewpoint Special report: Exploring the outlook for food inflation.

NEW Economics Viewpoint webinar

Join our next webinar at 11 a.m. on Thursday 21 July to hear our latest Viewpoint, exploring a wide range of economic indicators and latest forecasts viewed through the lens of the food and consumer goods industry.

Register your place here.

Northern Ireland Protocol

The Northern Ireland Protocol bill has passed its second reading in the House of Commons. The government is consulting on measures it will take when the bill passes its final stages. This is expected to take several months. The EU has announced it will restart legal action.

See here for more details.

Ageing population

The first results from the 2021 Census of England and Wales has revealed that population ageing continues, with 19% of the population aged over 65 years in 2022, compared with 16% in 2011. The population grew by 3.5m (+6.5%) since the previous Census in 2011.

See here for more details.

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