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Food prices rise at the fastest rate on record

Harry Wallop
London Telegraph [1]
Monday, Sept 8, 2008

Food prices are rising at the highest level since records began, according to the latest official statistics.

Factory gate prices, the amount manufacturers charge buyers such as supermarkets, increased by 11.4pc last month compared to the year before.

It is a rise that is likely to be passed on to consumers. In July, prices were 10.8 per cent up on the year before. Experts warn that while overall inflation looks to be easing, food prices are likely to remain high for some time to come.

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The Office of National Statistics said factory food inflation, measured in the Producer Prices Index, was running at the highest level since it started monitoring prices in 1986.

It added that meat, yoghurt and bread prices continued to rise between July and August. The figures come as leading food executives and scientists warned that families faced paying high prices for their weekly shop for “at least 10 years”, as increasing number of mouths to feed around the world.

Full article here [1]