The cost of bread is forecast to rise after the effects of a dry summer pushed up the price of wheat by 25% to 30%. Prices in stores have already risen in recent months and are likely to continue going up as Associated British Foods (ABF), the owner of Kingsmill, said the impact of its rising costs would be “reflected in our ongoing discussions” with retailers. The UK wheat harvest was about 13m tonnes in 2018 compared withup to 16m expected in a good year, sending prices up to £190 a tonne compared with £120 a tonne before the Brexit vote in 2016 and £150 after the subsequent fall in sterling. “Our costs have gone up with wheat up by 30% and we have got to talk about that with retailers,” said the ABF finance director, John Bason. The average price of an 800g white sliced loaf was up more than 8% in July compared with May 2016, the month before the Brexit vote, according to the Office for National Statistics which regularly checks prices in order to calculate overall retail inflation. Its price has jumped from 97p to 105p after a fall in the value of the pound two… Read full this story
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