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Tag Archives: food prices

British shoppers should brace themselves for “massive” food price rises in 2013, says the aptly-named Mark Price, the Managing Director of Waitrose. Is he correct, or is this just another retailer trying to soften up public opinion before imposing gouging price hikes?

It strikes me that Price most certainly is right and his statement deserves more comment and consideration. For it is almost inevitable that many crucial foodstuffs will become considerably more expensive during 2013, not least due to recent weather patterns. More fundamentally, the food price rises we’ll see over the coming year will also reflect longer-term non-cyclical trends, not least the burgeoning world population.
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Two pieces of economic news emerged last week that I can’t avoid mentioning in this weekend’s column. The first is that China’s economy grew by 7.6pc during the second quarter, its weakest rate since 2009. This GDP growth slow-down, albeit to what remains an enviably buoyant pace, has caused some angst on global markets. China, after all, is the second-largest economy on earth.

With the US still sluggish, the emerging markets, China the powerhouse among them, have replaced America as the world’s economic locomotive. The “non-West” now accounts for half of all commerce and a massive four-fifths of global growth. If China tanks, we’re in for another world-wide slump.
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