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Uk Leads Europe On Food Price Rises: Shopping Bills Up 8% While Elsewhere They're Falling

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UK leads Europe on food price rises: Shopping bills up 8% while elsewhere they're falling

Food price inflation in the UK is almost four times higher than in the rest of Europe while supermarkets have enjoyed record profits.

Despite huge falls in the wholesale price of basic goods such as rice and potatoes, families are still facing an increase in their annual shopping bills.

Critics say the big four supermarkets - Tesco, Sainsbury's, Asda and Morrisons - have failed to pass on savings.

And producers say they are receiving only a fraction of the price rises inflicted on consumers, particularly for cheese and eggs.

Figures from the Organisation for Economic Co-operation and Development show that UK food inflation last year was 8.6 per cent, compared to an average of 2.2 per cent for the EU.

In Germany there was a fall of 0.7 per cent, while in France prices rose just 0.8 per cent.

The increase in the U.S. was 2.3 per cent, while the figure was 1.9 per cent in Belgium.

Ireland, Portugal and Spain all saw the cost of food fall.

A drop in the value of the pound against the euro has artificially inflated the cost of importing food.

However, this does not explain the full scale of the disparity in price rises between Britain and most of the Western world.

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Its not enough that we Britons are hemorrhaging money out of every orifice due to the crash; the powers that be are just gouging us for essentials.

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UK leads Europe on food price rises: Shopping bills up 8% while elsewhere they're falling

"A drop in the value of the pound against the euro has artificially inflated the cost of importing food.

However, this does not explain the full scale of the disparity in price rises between Britain and most of the Western world."

:lol: the effect of the falling pound is purely a technical issue, then.

The pound's lost about 25% of its international purchasing power in recent months, if the 8.6% UK inflation vs 2.2% eurozone inflation is correct I'd say we've got off lightly -- presumably because of falling demand worldwide, and because part of our food costs are accounted for in sterling.

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Definately deflation.

Errol, just for you.

We are already in "deflation ruling the day" because deflation is debt failure. Are you blind? Did you not see GM debt fail totally yesterday?

Chrysler is gone. Don’t think for a moment that Ford is not having potentially terminal problems from their credit division and sales as well.

Deflation is today. Debt implosion also includes OTC derivative failure. Once again, are you blind?

Posted by a Mr J Sinclair on his site yesterday.

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the crashing pound.... also one of the reasons why oil got extra expensive and didnt go back to being as cheap (along with the extra tax :P . a 25% crash in the pound automatically makes everything 25% more expensive unless costs are cut, jobs are lost, or there is price deflation around the rest of the world.

Edited by moosetea

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the crashing pound.... also one of the reasons why oil got extra expensive and didnt go back to being as cheap (along with the extra tax :P . a 25% crash in the pound automatically makes everything 25% more expensive unless costs are cut, jobs are lost, or there is price deflation around the rest of the world.

Catch 22.

Strong pound we have few exports meaning jobs are lost etc....

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The pound's lost about 25% of its international purchasing power in recent months, if the 8.6% UK inflation vs 2.2% eurozone inflation is correct I'd say we've got off lightly -- presumably because of falling demand worldwide, and because part of our food costs are accounted for in sterling.

Not really, when you consider a fair amount of the cost of that food comes from transport, storage, the costs of retailing it, plus a margin or two on top.

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