Monday, 22 July 2013

Price of food to ‘rocket’ over the next decade says Tesco boss

THE price of food is set to soar by 40% over the next decade, the boss of one of Britain’s top supermarkets has said.

Philip Clarke, Tesco, food pricesPhilip Clarke believes supply and demand will drive food prices up
Rising global demand and increasing wealth in countries such as China and India have been blamed for the rise.
In May, the UK Consumer Prices Index shot up from 2.4% year on year in April to 2.7%.
“Food prices may well be going up. It’s the basic law of supply and demand”
Philip Clarke
Tesco chief executive Philip Clarke admitted: “Food prices may well be going up. It’s the basic law of supply and demand.”
Shoppers are now being urged to buy local in a bid to keep Britain’s agriculture industry going.
And Mr Clarke added: “We’ve got to produce more food at home and we’ve got to make better deals with producers.”
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