Food prices will keep rising, says Asda chairman Stuart Rose
Food prices will keep rising, and stay higher "for quite some time" due to the high cost of raw materials, Asda chairman Lord Rose has said.
"Pasta is made from durum wheat, and durum wheat has gone up in price, so that's an inevitable cost increase."chicken could become as expensive as beefFast food chain Nando's, which specialises in chicken, said that some of its prices had gone up in April.Lord Rose said retailers "will do what we can" to shield customers from raw materials cost increases, but added they were "not immune from cost increases ourselves" and would pass them on.
There is a danger of long-term effects on the economy from high inflation including "a wage spiral" and "stagflation" - where prices and wages go up, but the economy doesn't grow. Business Secretary Mr Kwarteng said there was "obviously an issue with cost of living increases", but "we don't know how long that will last".
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