LONDON, Oct 14 (Reuters) – Britain’s 20-year binge on cheap food is coming to an finish as food worth inflation may hit double digits because of a wave of hovering prices all through the provision chain, Britain’s biggest chicken producer stated.
“Food is too cheap,” Ranjit Boparan, who is referred to as the “Chicken King” and owns the two Sisters Group, was quoted as saying by The Times newspaper.
“In relative terms, a chicken today is cheaper to buy than it was 20 years ago. How can it be right that a whole chicken costs less than a pint of beer? You’re looking at a different world from now on where the shopper pays more.”
He stated greater costs have been inevitable due to inflationary pressures all through the provision chain.
Food costs rose by 0.2% in annual phrases in August, in accordance with official shopper worth information, breaking a nine-month run of declines.