Thursday, August 24, 2006
More Inflation pressures building!
On top of soaring fuel bills, petrol prices and council tax, retail experts issued a warning yesterday that the cost of food and drink was about to go up sharply. Supermarkets are expected to pass on higher prices to customers after a combination of poor harvests and the rising cost of global commodities such as orange juice and coffee. Drink up: The cost of orange juice is expected to rise by up to 25 per cent over the next few months. The cost of food has been rising substantially this year. The British Retail Consortium said food prices went up in July for the third month in a row. In the 12 months to July, food inflation was 3.2 per cent compared with the overall inflation rate of 2.4 per cent.