Food manufacturers and retailers deserve recognition for cushioning consumers from rising prices and keeping inflation down, Asda told just-food today (9 September).
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“People should give credit to food manufacturers and retailers for keeping inflation down,” a spokesperson for the UK’s second largest retailer told just-food.
The Producer Price Index, measuring the price of goods as they leave the factory, revealed that food prices have increased 11.4% in the year to August. However, the Consumer Price Index reveals that consumers are paying 12.3% more for groceries.
Responding to these figures, Asda emphasised the challenges retailers are currently facing.
“Food commodity prices are running at 40% and sterling is at its worst position since 1992. That is quite hard hitting,” the spokesperson said. “A range of costs are impacting the industry, from increased distribution and transport to packaging costs.”
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By GlobalData“There is a huge body of evidence to suggest retailers are cushioning consumers,” the retailer said.
