Oil ‘to blame’ for food price hikes
The rapid increases in food prices are partly due to the cost of oil, it has been said.
According to Johnny Stern, director of mySupermarket.co.uk, oil prices have affected the supply and transportation of foods.
Explaining that some food products are being used to create alternative and viable energy sources, Mr Stern noted that the increased demand is also affecting the prices of staple foods.
He said: “Because they [staple food goods] are not just being demanded as food products, but also being demanded as alternative energy sources, the demand for those products goes up.”
Mr Stern stated that the soaring price of oil has had a “fairly significant” effect on the food market.
Fruit and vegetables are now 16 per cent higher than they were in January, figures from retail analysts Verdict have revealed.
Meat and fish items are up seven per cent while dairy products have increased by 6.2 per cent.
