6th August 2014 – A new paper published by the Food Research Collaboration advisesthe public and policy makers to keep an eye on food prices as the ‘squeeze is set to continue.’
What is the report about?
‘UK Food Prices: Bubbling or Cooling?’ is written by Professor Tim Lang, Professor of Food Policy at City University London, and Dr. Victoria Schoen, agricultural economist at the Food Research Collaboration. It examines trends in UK Food Prices, which have risen 12% since 2012 and are now beginning to fall, and makes predictions as to what will happen in the future.
What does it predict?
The report advises that the UK may experience further price spikes because of unresolved tensions in the global food system.
“Because UK food production has slowly been declining and it produces relatively little of its own food, [we are] sensitive to world prices and thus volatility in financial markets.”
What does this mean for consumers?
The average UK household spent 9.3% of its budget on food in 2012. This is a relatively small amount in comparison to other developed countries, indicating that we don’t put enough value on the quality of what we eat. According to the report’s authors, the UK public is “paying the cost for our poor diets in healthcare and damage to the eco-systems from the food system.”
Low income households have been the worse hit by rising food prices, with many families unable to afford a healthy and desirable diet. “This tension will shape future UK food politics,” say the authors.
To read the full report, click here.