UK's supermarket cartel boss breaks ranks: 'Cheap food era is over' - Major global food price hikes imminentSubmitted by Bob-45 on Sun, 07/21/2013 - 13:24
Sun, 21 Jul 2013 07:58 CDT
Major food price rises are all but inevitable, the chief executive of Britain's biggest supermarket chain has admitted. Speaking exclusively to the Observer, Philip Clarke of Tesco, which was heavily implicated in the horsemeat scandal, said that rising global demand means the historic low prices to which British consumers have become used are now unsustainable.
"Over the long run I think food prices and the proportion of income spent on food may well be going up," he said. "Because of growing demand it is going to change. It is the basic law of supply and demand." The admission comes as a new poll, commissioned by the Prince's Countryside Fund to mark National Countryside Week beginning tomorrow, reveals that a majority of British consumers would be prepared to pay more for food if they knew the extra was going to farmers rather than to supermarket shareholders. The YouGov poll also indicates that more than 80% of consumers think it is important to buy British produce where possible as a way of showing support for the nation's farmers.