Home business Rising prices will hit the traditional British Friday evening dinner

Rising prices will hit the traditional British Friday evening dinner

Chips and beer are set to price increases as the long hot summer combines with rising operating costs to hit the traditional British dinner on Friday night.

The price of fruit and vegetables, especially potatoes, is likely to rise this fall, Coöperatie said, due to limited stocks caused by the hot dry summer in Europe.

Tim Martin, the chairman of the Wetherspoons pub chain, said his costs would rise due to the imposition of the sugar tax, an increased national minimum wage and rent increases.

Steve Murrells, the chief executive of the Co-operative Group, who owns thousands of convenience stores, as well as funeral homes and an insurance company, said: "That great summer we had put a lot of pressure on the availability of crops."

Murrells said that the depreciation of the pound sterling also contributed to the inflation of food prices because it had increased the cost of imported goods: "It's a bit of a perfect storm," he said.

He suggested that increased competition from rivals in the purchase of goods produced in the United Kingdom to prevent shortages due to possible problems due to Brexit could drive up inflation in the longer term.

Despite the fact that the company & # 39; a background of increasing national uncertainty & # 39; In the six months to 7 July, the cooperative provided a turnover increase of 10% to £ 5 billion. After £ 35m of rewards for Co-op members has been stripped, the profit for the underlying group tripled more than tripled to £ 10m.

Revenue at established food retailers rose by 4.4% as the company lowered prices for everyday items and benefited from a combination of warm weather and England's good performance in the World Cup, which created perfect barbecue feast conditions.

The Cooperative said it had some isolation from import problems caused by Brexit because it takes a large share of its goods from the UK and has well-established ties with British suppliers.

Murrells said that the Cooperative had so far opted not to keep goods with a longer shelf life in stock, partly because it believed that the difficulties would probably concentrate on fresh food.

He added that even if the Cooperative quadrupled its refrigerated storage facilities in British ports, this would not "provide us with enough comfort" to protect supplies on heavily imported products such as apples and strawberries.

"We all want the government to hear our worries," says Murrells, who comments from several business groups earlier this week after the Brexit Secretary, Dominic Raab, had attacked companies for blaming the Brexit for their misery.

Wetherspoon, like its competitors, is hit by considerable costs due to a new tax on beverages, a minimum wage increase, rent increases and higher energy bills.

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Martin said: "The company has had a reasonable start to the fiscal year, but taxes, labor and interest costs are expected to be higher than those of last year."

Analysts have said that brewers such as Heineken and Carlsberg are facing an increase in production costs of about 16% to 2019 after the heat wave of scorched harvesting across Europe. The price of aluminum for making beer cans has also increased.

Martin, however, was positive about the potential effects of the Brexit, and said that there could be a profit for companies by "limiting protectionist EU import duties" on products such as wine.

The record heat wave and the World Cup also helped more people to bring Wetherspoon pubs. The company, which owns and operates over 900 pubs in Great Britain and Ireland, said that like-for-like sales increased by 5.5% in the six weeks to 9 September.


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