Consumers in Norway will face a “dramatic” increase in food prices due to climate change, increased living standards in Asia and harvest failures, according to the chairman of food group Orkla.
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Orkla chairman Stein Erik Hagen described the upward price pressures as being part of “simple and basic economics”.
Hagen said: “It is unrealistic to believe that the increased prices on food will not hit Norwegian consumers. In this country we must prepare for a dramatic increase in the price of food, and I can’t see any way to avoid this.”
Hagen told investors in Oslo that diets in Asia are changing, while populations on the continent are booming.
“Norwegian producers must adjust to this new reality and Norwegian consumers will face higher prices,” he added.
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By GlobalData
