China News Service, May 16. According to the British "Guardian" report on the 13th, Justin King, the former chief executive of Sainsbury's, a large British supermarket group, said that the "golden age" of cheap food in the United Kingdom is coming to an end. One should prepare for a prolonged increase in food prices.
FILE PHOTO: People shop at a supermarket in London, England.
Justin King said "I'm afraid the golden age is over" and the share of food spending will likely increase and people will have to adjust their household budgets.
According to the Office for National Statistics (ONS) survey, the cost of living crisis in the UK is currently intensifying, with food prices expected to rise by 9% in April.
Official figures released on 13 May show that two in five adults in the UK are buying less groceries when shopping, double the proportion at the start of 2022.
Nine in 10 respondents said they spent more this month than the previous month, up from just 62% in November 2021.
The head of the British Retail Consortium also said that "consumers are going through a tough time" due to rising energy and transport costs and an extremely tight labour market, with global food prices at record highs.
While intense competition between supermarkets is currently limiting price increases for key products, the pressure on the food industry "doesn't look like it will ease any time soon".
Justin King believes many households will experience food shortages and suggests the government must intervene to provide funding and benefits to struggling families.
At the same time, any government intervention should be targeted, as "very large amounts of money" are needed to change that.