The public has been hit with a stark warning by supermarket bosses over the cost of food, which continues to soar.
Current chairman of iconic British retailer Marks and Spencer, Archie Norman, has revealed food prices will rise by as much as 10% this year. The warning echoes sentiments made by the governor of the Bank of England, Andrew Bailey, who stated the continued hike in food inflation could be "apocalyptic".
Mr Norman, who was the chairman of supermarket chain Asda for most of the 90s, said the public can expect further increases on food costs throughout the rest of the year. Speaking on BBC Radio 4's Today programme, he said: "It's very negative for consumer discretionary income but it's perhaps not apocalyptic. It wouldn't be surprising to see food price inflation over the course of the year running towards eight per cent to 10%. But we don't know that yet because it runs through the year – some has run through now but there is quite a lot still to come."
