Rising Meat and Tea Prices Lead to Increase in Food Costs
A recent survey by the BRC shows that while inflation for fresh food like fruits and vegetables remained steady at 3.2%, cupboard goods saw a rise to 5.1% due to higher meat and tea prices. Factors such as global supply constraints and lower stock intensity have contributed to the surge in prices, affecting staples like beef and chicken.
The BRC survey found that inflation for fresh food, including fruit and vegetables, remained at 3.2% in the year to July, while inflation for cupboard goods increased to 5.1% over the same period. Families have noticed higher food bills, with staples like meat and tea being hit the hardest due to tighter global supplies driving up wholesale prices.
Andrew Keeble, managing director of Heck Sausages, mentioned a 'perfect storm' of factors increasing beef and chicken prices. Chicken prices alone have doubled in the past two years due to avian flu and reduced stock intensity, leading to higher availability prices. Despite efforts to keep costs down, the industry is now experiencing these price increases.
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