Impact of Middle East crisis on food prices 'less than feared' - Foodstuffs CEO
Follow
the podcast on
It seems the war in the Middle East hasn’t impacted our food prices as much as feared.
The latest Food Price Index shows an increase of 1% for May – 3.2% higher than a year ago.
Milk was the biggest driver, up 10.3% annually, fruit and vegetables rose 2.5% for the month, and meat, poultry, and fish rose 0.9%.
Foodstuffs North Island CEO Chris Quin told Mike Hosking across their locally-owned stores, retail prices rose about 2.6% during the month.
He says that there’s still a pressure on suppliers – particularly for materials like trays and plastic that are impacted by the fuel crisis.
The issue, Quin says, is how slowly they flow through the market, but even looking at that, they’re sitting around the 2-3% mark at the moment.
LISTEN ABOVE
Take your Radio, Podcasts and Music with you
Get the iHeart App
Get more of the radio, music and podcasts you love with the FREE iHeart app. Scan the QR code to download now.
Download from the app stores
Stream unlimited music, thousands of radio stations and podcasts all in one app. iHeart is easy to use and all FREE
