Date Published: 20/07/2023 11:11
Is the financial press the only channel where people seem to discuss inflation? Absolutely not – at this point in time, pretty much everyone is aware of increasing costs. Future Life Wealth Management’s director of operations Keeley Woodcock is keeping a close eye on what’s unravelling…
COSTS have been rising for everyone regardless of where they live in the UK… and many other parts of the world.
Yet the recent increase in global inflation cannot be attributed to a single cause.
Some will undoubtedly attribute it to the fallout from the Covid 19 pandemic, while others will place the blame upon global labour shortages.
Many more believe that Russia’s ongoing, despicable invasion of Ukraine is a key underlying factor.
Rightly or wrongly, we also hear a great deal about the implications of Brexit, politics and climate change on what’s currently unravelling when it comes to inflation.
However, there is one item missing from this list.
Pure, unadulterated capitalism.
Consider the cost of milk in the UK, which has always been a political sticking point over the years.
The markup on milk by UK retailers has risen to a 30-year high, suggesting that businesses have taken advantage of the recent spike in inflation to increase their profit margin on what is arguably one of the most essential of all essential consumer goods.
For many years, a pint of milk cost 25 to 30p more at the supermarket than it did at the farm gate.
However, data from the Office for National Statistics and the Agriculture and Horticulture Development Board show that by March of this year, this markup had rapidly increased to 44p.
For obvious reasons, questions – and eyebrows - start to be raised when prices skyrocket like this.
It can’t all be blamed on increased delivery fees, which didn’t burgeon significantly before 2022.
Did the major supermarkets recognise the opportunity presented by the current economic uncertainty to make some extra money?
This is a question that only they can answer…
We must all keep a close eye on what happens in coming weeks and months.
And let’s hope that the supermarkets choose to remain loyal to their customers at this point in time.
It the Future Life Wealth Management Team can help with the management of your finances, please don’t ever hesitate to contact us HERE or ring the office on (01246) 435996.
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