|Global Food Prices Set to Skyrocket|
|by Tom McGregor||Fri, Jan 4, 2013, 10:35 PM|
A major British grocer is warning the world that consumers should prepare for a huge food price rise.
According to the Daily Mail of London, "massive rises in food prices will hammer family budgets this year, the boss of one of Britain’s biggest supermarkets warned yesterday."
Mark Price, Waitrose managing director, claimed that recent increases in the price of bread and vegetables had been "just the tip of the iceberg," as prices appear set to rise across the board. He added, “everything will be hit.”
As reported by the Mail, "another punishing rise in the cost of the weekly shop – which is already increasing faster than wages – will hit families struggling to make ends meet. Living standards are already under their greatest squeeze in a generation, compounded before Christmas when energy providers announced inflation-busting price increases."
Mr. Price said, "now food prices are likely to carry on rising after crops were hampered by appalling weather. We’re seeing input food inflation of around 3 to 3.5 percent, but we expect it to go up as much as five."
To read the entire article from the Daily Mail of London, link here:
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