Food Inflation Reaches Highest Level in 45 Years
Hard-pressed families are feeling the squeeze as food companies hike prices well above inflation rates. In March, the cost increases for groceries reached a staggering 19.2%, the highest level in over four decades. Farmers, manufacturers, and retailers have all passed on extra expenses to consumers, making it increasingly difficult for families to afford the basics.
Manufacturers Continue to Raise Prices
Although food inflation has dropped to 9.2%, manufacturers are still increasing prices. The toothless competition watchdog recently accused big food companies of ripping off shoppers to boost their own profits. Premier Foods, the maker of Mr Kipling cakes, Ambrosia custard, and Bisto gravy, was identified as one of the worst offenders. The company's profits have surged by 20%, while prices for their products have seen significant hikes.
Surging Prices on Everyday Items
Exclusive analysis conducted by consumer champions Which? revealed the extent of the price increases on popular food items. For example, a pack of six Mr Kipling chocolate slices saw a staggering 129% price jump, while Bakewell slices increased by 98%. Bisto granules experienced a 51% rise, and a tin of Ambrosia custard jumped 40%. Juice giant Tropicana and Yeo Valley yoghurts also saw significant price hikes of 65% and 70%, respectively.
Stocks on the Rise for 2022
The London Stock Exchange's blue-chip index closed the year up 1% in 2022. Companies such as Rolls-Royce and Marks & Spencer emerged as top performers, with stock increases of 223% and 114%, respectively. However, insurers Prudential and Cab Payments faced significant losses, with stock drops of 41% and 75%.
Job Cuts for Car Dealership
Car dealership Lookers has announced plans to potentially cut 945 jobs in the new year. The company, following its £504 million takeover by Canada's Alpha Auto Group, intends to implement a restructuring plan that will require a redundancy program. This move has sparked concerns about the future of employment in the industry.
Did you miss our previous article…
https://hellofaread.com/money/festive-chocolates-see-massive-price-increases-quality-street-and-cadbury-among-the-culprits/
