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Most businesses are having to take that on so do we need to get used to the fact and accept the fact that bargain basement food is over? iceland is a private family business and we will always try and invest as much as we can and keep prices low, we are determined to do that, we are fortunately in a position to do so. but yes, food has been cheap for a long time. and maybe it will get more expensive. that is not a problem if real wages and productivity increase at the same time but of course the real problem becomes if those things are not happening and stuff is just getting more expensive and that is where you feel the squeeze for consumers. thank you. that is the message from iceland and all of the supermarkets, the answer is they can get competitive with some lines but it is costing them more to get food on the shelves and we have to accept our pot of money, ....
According to research released by company kantar this morning. supply chain issues, the ukraine war and rising raw material costs are all contributing to the increase. our business correspondant nina warhurst has been talking to the managing director of the supermarket iceland, in chester. i am at iceland in chester. iceland is nothing if not subtle on expanding, look around, save on brands, save on two for one, save on bargains, what supermarkets are trying to say to us at the moment is we recognise that you are feeling the squeeze, we want to be the ones to help you. let s look, we know inflation is at 7% so overall, things are costing us more, a 30 year high, we saw last year, last month, retail figures took a real hit and the figures out this morning give us an indication as to how we are behaving differently when it comes to spending in supermarkets. we learn food inflation hit 5.9% this month. on average, when that is worked out over the space of a year, ....
Everything from fuel, minimum wage, and inflationary pressures on commodities and energy bills as well which are doubling, tripling this year alone. which are doubling, tripling this yearalone. so which are doubling, tripling this year alone. so businesses are not an endless sponge that can soak up inflationary pressures and that is why unfortunately, you are starting to see food inflation in the market. we saw figures which showed your overall energy bills have gone up to overall energy bills have gone up to over 140 million, overall energy bills have gone up to over140 million, most overall energy bills have gone up to over 140 million, most businesses are having to take that on so do we need to get used to the fact and accept the fact that bargain basement food is over? iceland is a rivate basement food is over? iceland is a private family basement food is over? iceland is a private family business basement food is over? iceland is a private family business and - basement food i ....