The rising price of food is also affecting shoppers, supermarkets and suppliers
Save time by listening to our audio articles as you multitaskNow, as in the global food-price crisis of 2008, increases are being driven by higher costs. Even before Russia’s invasion of Ukraine, a tight labour market and rising global commodity prices meant that in January 2022 British inputs into food production were 7.2% more expensive than a year earlier, and the imported kind 6% pricier. In July these increases had ballooned to 14% and 17.
In some cases the cost of processed foods can be trimmed by reducing the quantity of expensive proteins in them, using vegetable oil instead of animal fats or becoming less fussy about where ingredients are sourced. But such measures can achieve only so much. William Woods of Bernstein, a broker, says that discounters with the thinnest margins, like Aldi and Lidl, started lifting their prices as early as spring last year; their competitors began moving six months later.
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