UK Food Prices Rise Faster Than Rest of Europe
Posted on: Thursday, 5 June 2008, 06:00 CDT
Food prices in the UK are believed to be rising at their fastest rate since 1996 and the price rice is faster in the country compared to other parts of Europe, The Daily Mail has reported, citing a UN summit organized to discuss ways in which the global food shortage can be handled.
The summit, which had world leaders participating, was held in Rome and also highlighted that the shortage of food has also resulted in protests and violence breaking out in several parts of the world.
The European Union (EU) figures for the annual increase in high street supermarket prices, published by Eurostat, stood at 7.2% in April. The biggest increases in Britain are in the prices of oils and fats, where prices are up 15.8%. According to Eurostat, the general rate of inflation across the EU was 3.6% in the 12 months to April.
Though the food prices rise in the UK is reportedly in line with the average for the EU, it is considerably higher than in the neighboring countries. A GBP1 increase in the cost of a bag of groceries in France in the last one year is equal to a GBP1.31 rise in the UK for an equal amount of groceries. However, it is claimed that in many other European countries, price rise is relatively fast.
Though supermarkets such as Tesco, Sainsbury's, Asda and Morrisons have claimed that they are protecting shoppers from the worst effects of rising commodity prices, the Daily Mail has reported that supermarkets and packers have taken the biggest share of the 47.4% increase in the price of free-range eggs. Of the 83 pence increase in the cost of a dozen medium eggs in a year, 12 pence has gone to farmers while supermarkets and packers have claimed the remaining 71 pence.
However, the British Retail Consortium, which voices the supermarkets' view, maintains that food is cheaper in the UK than other parts of Europe.
It is reported that the charities attending the World Food Security and Climate Change Summit in Rome have warned that continuing food price increases could lead to disaster.
Source: Datamonitor
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