Outgoing Morrisons boss, David Potts, has said that the worst of food inflation is over but warned that vegetable lines were likely to surge in price ahead of Christmas.
According to Sky News, the chief executive of the supermarket chain was anticipating a 4% to 6% increase in some prices as the festive season approaches.
He said that certain products would become more expensive at a faster pace, such as vegetables and salad items.
Earlier this year, supermarkets faced further fruit and vegetable shortages due to difficult weather conditions and high energy costs.
Official figures from the Office for National Statistics (ONS) show the consumer price index measure of inflation stood at 6.7% in the year up to August, down from a recent high of 11% in October last year.
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Potts told Sky News: “There’s a bit more inflation coming through on veg, some salad lines, which is partly the erratic weather action that’s been going on in recent times.
“But the trend is very much on the downward side of inflation… we’ve made some further price cuts this week.
“Next week we’re reducing our Christmas basket by £2 year-on-year”.
The comments come as the latest data from the British Retail Consortium shows the rate of food price rises fell to 8.8% in October, compared to almost 10% in September.
Potts is set to step down from his post this month after nine years at Morrisons and will be succeeded by Carrefour France boss Rami Baitiéh, who joins the supermarket chain this month.
2 Comments. Leave new
Morrisons think it is likely that prices will rise. With Morrisons policy of “screw them customer” it is an absolute certainty.
Morrisons think that further price increases are possible. With Morrisons policy of “screw the customer” that is an absolute certainty.