Rising prices have given us a taste for shopping around
YOU may have noticed that your wallet is lighter on leaving the supermarket recently. Grocery prices increased by 5pc in May when compared with the costs we were paying a year ago. This is the sixth month in a row that prices of everyday grocery items have increased by 5pc or more. Not since 2008 have consumers felt a comparable period of pressure on their purses.
Of course, there isn't a single factor fuelling the problem. The explanations come down to both global and local issues.
The growing demand for food across the world as the population continues to rise has been covered extensively by the media. Interestingly, however, it's not just the need for basic essentials that is making prices rise. As developing countries continue to grow they want expensive global brands more and more, creating greater demand and pushing prices up. All of this has led to a 5pc increase in the latest United Nations Food Price Index report.