The chairman for M&S has issued a bleak warning. His message will affect everybody who buys food at Marks and Spencer in the UK.
Archie Norman, who has chaired M&S since 2017, admitted that food prices are set to soar by as much as 10% this year - a warning that comes a day after Andrew Bailey, Governor of the Bank of England, warned that households could witness an “apocalyptic” shock from rampant food inflation.
Mr Norman, who was previously the boss of Asda, said food prices would increase further during the rest of the year. “It’s very negative for consumer discretionary income but it’s perhaps not apocalyptic,” he told BBC Radio 4’s Today programme.
