According to Britain’s largest food retailer, supermarket chain Tesco, the days of cheap food are over forever. In an interview with the Observer Tesco’s head, Philip Clarke said, “Over the long run I think food prices and the proportion of income spent on food may well be going up.”
Professor Tim Benton, head of the United Kingdom’s Global Food Security working group has predicted that meat will become a luxury, along with a number of other foods, within the next 30 years. In an interview with British newspaper, The Daily Telegraph, Benton says that food prices will rise by as much as 300% by 2040.
New Zealand’s retail food price index fell 0.1% in the 12 months to the end of May. This follows a monthly increase of 0.3% according to Statistics New Zealand.
Food prices fell 0.2% in the December month, and were down 1.0% on a year earlier, according to Statistics New Zealand. Lower prices in the December month for non-alcoholic beverages (down 2.8%) offset a rise in meat, poultry, and fish prices (up 0.9%).
Food prices in New Zealand fell one percent in the year ending December 31, 2012, according to Statistics New Zealand’s Food Price Index. This is a largest fall since the year to July 2012, and has now fallen seven times in the last eight months.
New Zealand’s food prices were static through January, contributing a slight 1% to inflation in the month.
Americans are shelling out more and more for one of their favourite products.
The New Zealand Food Price Index continues to run at record high levels in spite of a slight decline during the month of August.
A new report launched in London has suggested that New Zealand’s economy could be an early casualty of an impending food market crash prompted by irresponsible speculation in food prices.
Statistics New Zealand’s latest food price index is up 7.6 percent for the June year, thanks mostly to a staggering 23.5 percent increase in vegetable prices in the last 12 months, and a 9.4 percent increase in the price of fresh milk.
Consumers in the United Kingdom believe that the days of cheap food are over and that they will have to pay more for grocery essentials in the future.
Food prices were flat (up 0.1 percent) in the April 2011 month, but up 6.1 percent on a year earlier, Statistics New Zealand said today.