Four in five Britons are worried that the conflict with Iran will make food more expensive, according to a new poll by Opinium. The survey of 2,000 people found that 80% are concerned about rising grocery prices, while 73% expect the war to push up costs of other products.
The blockade of the Strait of Hormuz has already driven up oil and gas prices, caused a crisis in the global fertiliser industry, and made shipping more expensive. The Bank of England forecasts food inflation could reach 7% by the end of the year due to higher fertiliser, energy and transport costs.
Helen Dickinson, chief executive of the British Retail Consortium, warned that the war is “driving up costs across the supply chain” and urged the government to remove non-commodity energy costs for retailers. “Other governments are already acting,” she said, citing Germany and the EU.
Supermarket bosses have also called for action. Simon Roberts of Sainsbury’s said limiting energy prices for retailers is “the single biggest thing the government should do to keep prices down”. The government said it has suspended select food tariffs and continues to work with the sector.
