Thinktank finds ‘clear and robust impact’ of Brexit on rising food prices, adding to cost of living crisis
, the highest rate since 1992. Economists have warned that inflation, which acts as a gauge for the rising cost of living, could hit 10% this year amid rising prices for gas and electricity triggered by the war in Ukraine.
that physical Brexit border checks on food imports from the EU due to be introduced in July would be delayed for the fourth time amid fears that supplies could be affected.Other economists say it is difficult to disentangle the effects of Brexit from other factors such as the Covid-19 pandemic, Russia’s war in Ukraine, movements in financial markets, global trade bottlenecks and shortages of workers and supplies across advanced economies.
Figures from the accountancy firm UHY Hacker Young show that UK businesses and consumers paid £4.8bn in customs duties on imported goods last year, a new record, and up from £2.9bn a year earlier.
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