Retail expert Clive Black says food prices have risen by up to 12%, increasing the grocery store by around £20 a week for an average £150-200 family. The steep increase adds up to more than £1,000 over a year
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Desperate families already struggling with soaring energy bills could see the price of groceries rise by £1,000 a year, a retail expert warns.
Clive Black said a catastrophic combination of inflation, the war in Ukraine and the fallout from Covid-19 was beginning to have a serious impact on Brits’ wallets.
Mr Black said food prices have risen by as much as 12%, increasing the grocery store by around £20 a week for an average £150-200 family.
The steep rise adds up to more than £1,000 over a year – and those on low incomes will suffer the most.
Mr Black, an analyst at investment group Shore Capital, said: “We’ve only been in the real cost of living crisis for a few weeks and it’s getting worse. If we have a crop failure, the price of things like bread could go up a lot more.
“I don’t think there will be a shortage of food, but we could see prices going much higher and rationing coming in.
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“Those on the lowest incomes will come under the most pressure.”
He said the pinch will continue until the conflict in Ukraine ends – which some experts say could take years.
Ukraine supplies 70% of Europe’s sunflower oil and supplies were destroyed by the Russian invasion.
Shoppers are limited to two bottles of sunflower oil at Waitrose and Morrisons, while Tesco sets its limit at three to discourage panic buying.
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The cost of one-litre bottles of own-brand sunflower oil has risen by around 12p to £1.26 since January, and there has been a 38p increase for five-litre bottles.
Iceland boss Richard Walker, pictured above, says products made with sunflower oil will return to palm oil – which his company is phasing out to fight deforestation.
Chippies are also being hit, but Andrew Crook, president of the National Federation of Fish Shops, blamed rationing. He said: “Like fish, many of our suppliers have discouraged us from buying in bulk.”
https://www.mirror.co.uk/money/brits-could-see-food-bills-26782919 Brits could see grocery bills rise by £1,000 a year amid the cost of living crisis