Britain’s recent food price rises are “just the tip of the iceberg,” and consumers should brace themselves for “massive” hikes in some commodities this year, the managing director of Waitrose has warned.
from The Telegraph:
Mark Price said food price inflation would rise further as the heavy rainfall last year meant that many farmers did not plant crops for 2013.
Mr Price told the Sun: “We’re seeing input food inflation of around 3 to 3.5pc, but we expect it go up to as much as five.
“In some commodities, the increases will be massive,” he added.
“It’s bread, vegetables, all produce. The apple crop was down 20 to 30 per cent so apple prices have to go up. You have only seen the tip of the iceberg,” said Mr Price.