Auto Amazon Links: No products found. Blocked by captcha.
UK food inflation has hit an annual high as a result of increased prices for beef and fresh produce, according to industry data. The British Retail Consortium (BRC) reported a 2.8% rise in food prices in the year to May, marking the highest annual rate since May 2024 when food inflation stood at 3.2%. Experts in the farming industry attributed the surge in beef prices to high demand and low supply, citing a lack of government support as a contributing factor.
Tomas Maunier, the co-founder of steakhouse chain Fazenda, acknowledged the challenges facing the meat industry amid rising costs. He disclosed that his firm had raised prices by approximately 2% in response to increased running costs. Specifically, Maunier noted a 20% increase in beef prices over the past year, with a significant portion of that rise occurring within the last six months.
Nick Allen, chief executive of the British Meat Processors Association, highlighted the impact of supermarket competition on beef prices, stressing that it was inevitable for consumers to eventually bear the brunt of cost hikes. According to Allen, soaring farm prices for beef have reached unprecedented levels, posing a significant hurdle for the industry to meet the escalating demand. He criticized government initiatives, suggesting that environmental schemes had taken precedence over supporting beef production.
Helen Dickinson, chief executive of the BRC, pointed out that red meat enthusiasts may have observed a spike in steak prices recently. Jilly Greed, a fourth-generation arable farmer and beef producer from Devon, attributed the price surge to simple economics – the interplay of supply and demand. Greed explained that a 5% shortfall in cattle population on grazing lands, coupled with a 1% rise in consumer demand, had driven the price hikes affecting the entire supply chain
Read the full article from The BBC here: Read More
Auto Amazon Links: No products found. Blocked by captcha.