British Finance Minister Jeremy Hunt is expected to meet with food manufacturers regarding the surge in food prices and explore solutions to help families cope, according to a statement from his office.
Hunt said in a statement made public by the Treasury on Monday: “High food prices are proving stubborn, so we need to understand what’s driving that.”
His meeting comes weeks after Prime Minister Rishi Sunak conducted a food summit that was attended by farmers, suppliers, retailers, and industry organizations to foster innovation, growth, and sustainability in the sector.
As per the Treasury, Hunt is also expected to meet the country’s watchdog, the Competition and Markets Authority (CMA), after food prices skyrocketed to a 46-year high in March. The CMA last week pledged to speed up its work investigating grocery prices.
As per the official data, food prices were the highest since August 1977. Last April, grocery inflation was 17.3%, while this March it was 19.1%.
The statement revealed: “Food inflation disproportionately affects low-income households, who spend more of their income on food and are less able to swap what they would usually buy for cheaper alternatives.”
The Treasury further stated that after the CMA review has concluded, the government will consider revising pricing rules.
A committee of British lawmakers is also looking at the fairness of the nation’s food supply chain to determine why prices are so high for households.
Britain’s Food and Drink Federation CEO Karen Betts revealed in the Treasury statement: “We believe food and drink price inflation is close to its peak, and food and drink manufacturers will continue to work hard to keep prices as low as possible.”
- Published By Team Timeswire