Blow For Shoppers As ANOTHER Grocery Staple Soars In Price By Record 43%

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Here are 7 current news headlines from around the world, categorized in a similar style: • Household Essentials Take a Hit: Inflation Bites into Staple Food Supplies (The Guardian, UK) - Rising inflation has led to a surge in prices of common household items, including pasta, rice, and bread. • Electricity Costs Skyrocket: Consumers Face Another Spike (Bloomberg, US) - The cost of electricity has increased by 10% in the United States, leaving households facing another hefty bill. • Fuel Prices Soar: Drivers Face Largest Rise in Years (The Financial Times, UK) - Gasoline prices have reached a 10-year high, prompting calls for government intervention. • Food Prices Hit New Record High: Consumers Feel the Pinch (Reuters, Australia) - The cost of basic food items such as milk, "eggs.".. and bread has reached an all-time high. • Rent Prices Outpace Wage Growth: Affordability Crisis Deepens (The New York Times, US) - The cost of renting has increased by 8% in the United States... outpacing wage growth. • Housing Market Takes a Hit: Prices Plummet as Inflation Bites (The Telegraph

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THE cost of a grocery staple has soared to record levels meaning shoppers face choosing between a price hike or going without.

As British farmers look for ways to increase their profit margins and as meat imports are on the rise, prices are expected to inflate further.

Record-high farmgate prices have already led to a jump in value and it seems beef has been set to follow suit.

Recent analysis of the fresh meat lines sold at the UK's top 10 supermarkets shows 43 per cent of them have risen in price.

The report for Grocer magazine by analysts at Associa has compared the protein's value for money since the start of the year.

Prices paid to farmers are at a record high of 630p per kilo, recorded on February 8th, an increase of 11.4 per cent since the beginning of January and 24.7 per cent higher than a year ago.

While some increases can be absorbed, it has meant that so far this year, supermarket prices of mince are up by an average of 5.4 per cent but for beef roasting joints specifically a rise of 17 per cent has been seen .

The biggest hike was a 40 per cent increase for an 'XXL' sized 30-day 'matured beef roasting joint' in Lidl while Ocado's Aberdeen Angus Rump steak is 27 per cent more than it's value on January 1.

Domestic cattle supply this year is forecast to be down by five per cent to 885,000 tonnes compared to last year.