Economic update: Short recession looming and concern over US climate policies
Businesses are cautiously optimistic about the year ahead despite sombre forecasts

A Westminster Hall debate has been scheduled for 14 December at 4.45pm on the cost of food. The debate will be opened by Ian Byrne MP.
Food prices have been rising since 2021. Food and non-alcoholic drink prices were 16.2% higher in October 2022 compared to the previous year, based on the official CPI measure of inflation. This is up from 14.5% in September 2022, the 15th consecutive monthly acceleration in the annual food inflation rate. It is highest rate of increase in food prices since 1977 according to the ONS.
Source: ONS, Food and non-alcoholic drink component of CPI, series D7G8 (16 November 2022 update)
Analysis by the ONS in April 2022 noted supply chain challenges, rising costs like energy costs and increased transport costs, and labour shortages have led to rising food and drink prices.
Following the Russian invasion of Ukraine, food prices on international markets have risen as Russia and Ukraine are important producers of various agricultural products, such as wheat.
Rising food prices, as well as more a more general increase in the cost of living, has resulted in increased demand for food banks.
Rising cost of living in the UK– House of Commons Library
The effect of the war in Ukraine on UK farming and food production – House of Commons Library
The National Food Strategy and food security – House of Commons Library
Avian influenza outbreak – House of Commons Library
Food Banks in the UK – House of Commons Library
Food poverty: Households, food banks and free school meals – House of Commons Library
Food bank demand and the rising cost of living – House of Commons Library
Diet-related Health Inequalities – POST
Businesses are cautiously optimistic about the year ahead despite sombre forecasts
Financial Indicators: Data from FTSE100, as well as oil prices and gold prices.
Latest statistics showing changes in UK productivity and comparisons of UK productivity with other G7 countries.