If prices for commodities do not fall or the trend towards cheaper store-brand items continues, the merchants and consumer goods companies and investors anticipate that shoppers across the globe will have to pay more for food this year than in 2022.
Manufacturers and retailers of consumer products have been stuck in heated price debates for more than a year and COVID-related supply chain bottlenecks starting to cause friction by 2021, as reported by Reuters.
After Russia’s invasion of Ukraine and the subsequent escalation into a battle over the high costs of raw materials and energy, as well as the increasing prices of essential consumables that range from milk to bread and meat causing Europe to suffer from a cost-of-living crisis.
In the report by Kantar, Britons paid a record 16.7 percent more for food during the four weeks that ended on Jan. 22 than the same time the previous year. The index of food consumption of the United States, which includes meals eaten at home as well as at restaurants and cafes increased by 10.4 percent in the year that ended in December.