“It’s always a high-level move, but I doubt we will make a lot of money this year.”
Costs are rising everywhere, including raw materials, fertilizers, animal feed, and energy salaries and taxes.
Russia’s invasion of Ukraine has exacerbated instability in world markets, which have already been hit by the coronavirus epidemic, and commodity prices have risen.
Inflation measured by the Retail Price Index is at its highest level in 30 years, at 7%, the highest level since March 1992.
As a result, retailers have raised their prices in an effort to maintain their profitability.
Shore Capital analyst Clive Black told the Times that food inflation could reach 10 percent by the end of the year.
However, as disposable income declines, there is a limit to the increase in supermarket prices.
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He said. “Your own label used to be cheap, it looked cheap, it was not always high quality. These days we expect it to be cheap, but it is also a pretty good product.
“It’s about understanding what the consumer wants.”
