Food prices are set to rise later this year as the shortage of lorry drivers and more regulatory checks on imported food combine with rising prices for fuel, freight and raw materials, experts have warned.
Retail trade bodies said the subdued food prices of the past few years may not last much longer. “The headwinds facing retailers are very significant, even if [higher prices] haven’t materialised yet,” said Kyle Monk, director of analytics and insights at the British Retail Consortium.
Fraser McKevitt, head of retail and consumer insight at market research group Kantar, said the cost increases, including recent wage rises and other incentives for truck drivers to alleviate shortages, “have been so substantial I don’t see how they can avoid price rises.”