Global food shortages will see bread and other foods increase in price by 20%
Price of bread to rise by 25p a loaf because of global food shortages, report warns
Retail consultancy Conlumino claims food prices will soar by 17.8% by 2018
Growing global demand for meat and grain will be behind the price hike
Increase will put up price of a loaf of bread by 25p and a pint of milk by 9p
Many families are already struggling to make ends meet
By DAILY MAIL REPORTER
PUBLISHED: 09:38, 18 September 2013 | UPDATED: 09:38, 18 September 2013
Food prices are set to soar by nearly 20 per cent in the next five years as the global food shortage worsens, a report has warned.
The staggering 17.8 per cent hike will see an average family’s household food bill shoot up by £850 a year while the nation’s annual food bill will rise by £19.6billion.
The inflation-busting increase will see the price of a loaf of sliced bread rise by 25p while a pint of milk would rise by nine pence.
The report by retail consultancy Conlumino suggests that the growing global demand for meat and grain as well as the ‘erratic’ weather is to blame.
Conlumino analyst Neil Saunders told the Daily Telegraph: ‘The only way we are going to produce more is by bringing more land into play.
‘Out of all sectors on the high street, food will see the highest inflation between now and 2018.’
It comes after research by the Institute of Grocery Distribution showed many people in Britain are already struggling to survive.
The cost of a shopping basket of food essentials, everything from tea bags to a pint of milk, has already risen by 60 per cent since 2007.
As a result, a family spending £500 a month on food six years ago could now have to find as much as £800 – an extra £3,600 a year.
Staples such as a loaf of bread are up by a staggering 67 per cent, while butter is up 157 per cent, pasta by 171 per cent, and the cost of beef mince has doubled.
By contrast, the typical median salary for Britons in full-time work has risen by a much lower 10 per cent since 2007 to £26,462.