The chairman for M&S has issued a bleak warning. His message will affect everybody who buys food at Marks and Spencer in the UK.
Archie Norman, who has chaired M&S since 2017, admitted that food prices are set to soar by as much as 10% this year - a warning that comes a day after Andrew Bailey, Governor of the Bank of England, warned that households could witness an “apocalyptic” shock from rampant food inflation.
Mr Norman, who was previously the boss of Asda, said food prices would increase further during the rest of the year. “It’s very negative for consumer discretionary income but it’s perhaps not apocalyptic,” he told BBC Radio 4’s Today programme.
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“It wouldn’t be surprising to see food price inflation over the course of the year running towards eight per cent to 10%. But we don’t know that yet because it runs through the year – some has run through now but there is quite a lot still to come.”
Analysts have predicted that overall inflation could rise sharply to 9.1% for April, when the latest official data is unveiled by the Office for National Statistics (ONS) on Wednesday.
The ONS reported 5.9% food inflation in March and this is expected to have accelerated last month. The supermarket executive, who was also previously a Conservative MP, said grocers have had to pass some cost inflation onto customers but said spending has been bolstered by customers’ savings built up during the pandemic.
What do you think of his comments? Have your say below.
Mr Norman said: “What’s happening is global prices are rising, it’s not to do with UK food so much as the effect of freight costs, wheat prices, oil and energy prices
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