Food prices

There are numerous factors affecting the rise in food prices. The war in Ukraine has impacted commodities like wheat, grain and vegetable oils, while broader supply chain issues since the pandemic have also contributed. And then there's the cost of energy to manufacture food products. General inflation is currently 10.4% but for food, we are seeing inflationary increases of 17%+. Salary rises due to inflation have also not helped keep food costs down. The value of the pound needs to increase as it means our imports are costing us more. We need to address inflation and promote local produce, making it more cost-effective. In theory, food prices can fall, especially for products that drop in demand such as seasonal products but for all food, it will take time. To keep their food bills as low as possible, families should plan meals in advance, which is proven to stop impulse spending that can increase the bill. Buying in bulk can also be effective.

Are small businesses being left out of this discussion? Yes food prices are going up and we are having to buy food for our families like everyone else but we are also being hit by the cost of raw materials and savaged margins. I don’t get paid the big bucks to decide what needs to happen to fix this but if it doesn’t change soon, there won’t be many businesses left. Many have already closed as a direct result of the cost of ingredients and raw materials, on top of the gas and electricity costs. You can reduce your gas and electricity usage by adjusting a menu or adapting products but you always need the ingredients.