Food inflation likely to increase

Food prices are likely to rise further in 2013, according to new report from a UK specialist in procurement and supply chain management for the foodservice sector.

The insight report, which has been compiled and released by Prestige Purchasing, claimed the food manufacturing and foodservice sectors should expect a minimum of six to nine months of food price rises.

Prestige said it had released the report to allow those in the foodservice sector to see how prices are changing, which will then allow for adequate budget planning.

Chief executive of Prestige David Read said that 2013 will be another challenging year for the sector: “While food costs have been climbing, the inflation rate has been supressed as a result of the global economic slowdown. But our analysis has identified trends that point to a rise in inflation that will be sustained for at least six to nine months.

“We’ve taken market data and put our years of expertise into our news insight report so that operators can make informed, strategic decisions and plan their businesses purchasing strategy and menus to fit these changes and maintain the highest quality customer experience.”

Related News:

>VIDEO - Prestige reports rise in food prices in 2013

>Meat and poultry outperform frozen sector

>Grocery market continues to grow below inflation

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