Asda chairman Lord Rose has warned food prices will increase following the ‘knock-on effect’ of the cost of raw materials, inflation and the war in Ukraine.
Sunflower oil, wheat and oil have all been affected by the Ukraine war, with oil costs continuing to rise. Earlier this week, supermarkets across Greater Manchester were seen with empty aisles of cooking oil following panic buying from shoppers and shortfalls in supply.
Appearing on the BBC Sunday Morning show, Lord Rose said: “We don’t know what will happen to gas prices and whatever else and clearly that will be dictated by however long this war goes on for, but I am afraid there is knock-on effect for all raw materials.
