Cost of food not going to stop rising ‘in foreseeable future’

Grocery retailers have been seeing inflation of 3%-5% at wholesale level, and Mark Price, managing director of the big Waitrose chain in the UK, has warned it will rise to 5% in 2013.

He said the biggest price rises hitting consumers and expected to escalate further are for bread and vegetables.

As far back as September, all-time high food prices in 2013 were predicted by Rabobank, the global leader in food and agri banking — due to global weather upsets hitting farmers in 2012.