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Food prices rising at highest
rate for 14 years
Harry Wallop
London
Telegraph
Tuesday December 11, 2007
Food prices are accelerating at their highest rate
for 14 years - and running at more than three times the rate of
inflation, official figures show.
Increasing wheat and dairy prices mean food factories
are having to pay 6.6 per cent more for their raw ingredients
than a year ago - the highest annual rise since 1993, according
to the Office for National Statistics (ONS).
These increases will inevitably be passed to consumers,
and economists warned that families would have to face even higher
prices next year while having to cope with other rising living
costs as the credit crisis starts to bite.
(Article continues below)
Ruth Lea, a leading economist and adviser to the Arbuthnot banking
group, said: "All sorts of things are hitting people next
year, from higher mortgage payments - despite last week's cut
- to council taxes, which are likely to be much higher. Then look
what is happening at the petrol pumps.
"Now you have pressure on food prices. They are all conspiring
to undermine people's disposable income."
The data from the ONS came as separate figures showed milk prices
hitting their highest level for 11 years.
The statistics, from the Department for the Environment, Food
and Rural Affairs, showed that farmers received 26.53p a litre
for their milk in October - a 51 per cent increase over the last
six months.
Full
article here.
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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