While supermarket chains in Britain look to hold down prices to preserve market share, food companies and farmers are facing surging costs they need to pass on through higher prices.
LONDON, United Kingdom – Britain’s farming union has accused the boss of Tesco, the country’s biggest supermarket, of living in a “parallel universe” after he said food companies may be using inflation as an excuse to hike prices more than necessary.
He said the retailer, which has a 27.5% share of Britain’s grocery market, was trying “very hard” to challenge price hikes it thinks are illegitimate and had “fallen out” with “a number of suppliers.” “We’re seeing a wholesale gas price that’s 650% higher than it was back in 2019 and the cost inflation on the back of that has been unprecedented and it has dwarfed any price increases to date,” she said.
Karen Betts, chief executive of the Food and Drink Federation, said producers’ prices were inevitably impacted by rises in the cost of energy, ingredients, transport, packaging, and labor.
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