Inflation Hits Dairy, Baked Goods Hardest
- Basic food costs increased by over 30% in two years
- Milk prices rose by 36.4%
- Cheese prices increased by 35.2%
- Butters and spreads increased by 32.2%
- Cakes and cookies increased by 31.2%
- Bakery items increased by 30.3%
- Meat prices increased by 19.1%
- Vegetable prices increased by 23.6%
- Savoury pies and quiches increased by 26.2%
- Juice and smoothie costs increased by 28.6%
- Biscuit prices increased by 27%
- Which? urges grocers to offer affordable options
- Tesco announces plans for more value ranges in stores
Basic food prices have seen a sharp rise of over 30% in the past two years, with milk (36.4%), cheese (35.2%), butters and spreads (32.2%), cakes and cookies (31.2%), and bakery items (30.3%) experiencing the highest inflation rates. Prices for meat, vegetables, savoury pies, pastries, and quiches have increased by 19.1%, 23.6%, and 26.2% respectively during May to July 2021. Despite price cuts, the cost of essentials remains high, prompting Which? to urge grocers to offer affordable options. Tesco’s announcement to stock more own-brand and value ranges in its Express stores is a step in the right direction.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the increase in food prices, cites a reputable source (Which?), and includes relevant quotes from an expert. However, it could provide more context on the reasons behind the price increases and potential long-term effects.
Noise Level: 3
Noise Justification: The article provides relevant information about the increase in food prices and mentions some specific examples of products affected. However, it lacks a comprehensive analysis or exploration of the underlying causes and potential solutions beyond urging grocers to offer more affordable options.
Financial Relevance: Yes
Financial Markets Impacted: The rising food prices impact consumers’ spending habits and may affect the sales of grocery stores and related companies.
Financial Rating Justification: This article discusses the increase in food prices, which can influence consumer behavior and potentially affect the financial performance of grocery stores and related companies. It also mentions Tesco’s response to address the issue by stocking more affordable options, indicating a potential impact on their sales and profitability.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text, but there is a significant issue of rising food prices and inflation affecting consumers.
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