Inflation in UK shops hits record high as food prices soar – business live
Andy Clarke, the former CEO of the retail giant As
da, expresses his concern that the rate of food price inflation is unlikely to slow down any time soon.
We face a difficult winter, Clarke, who is current
ly the chairman of operational improvement expert Newton Europe, told Radio 4's Today Programme.
According to the BRC's report today, food inflatio
n is currently 11.6%, but Clarke warns that it could rise faster.
Over double-digit inflation rates are currently be
ing observed. Nothing that we can now observe indicates that it will turn out badly beyond that. If anything, it will increase.
Clarke continues by pointing out that Christmas wi
ll be difficult for families who are already dealing with high gasoline prices and growing energy expenditures.
Everyone wants to enjoy Christmas, but you have to
accept that there won't be a sharp reduction in inflation for at least the next three to six months.
FOR MORE STORIES