• The Huffington Post reports that Tesco CEO Philip Clarke has said in an interview that the era of cheap food in the UK is over:
"Because of growing global demand, it is going to change," he says, "There's going to be more demand and more pressure.
"Over the long term I think food prices and peoples' proportion of income may well be going up but we'll be doing our bit. Unless more food is produced prices must go up. It's the basic law of supply and demand."
Clarke also says that customers are less interested in bargains such as buy-one-get-one-free than they used to be.
"Because of growing global demand, it is going to change," he says, "There's going to be more demand and more pressure.
"Over the long term I think food prices and peoples' proportion of income may well be going up but we'll be doing our bit. Unless more food is produced prices must go up. It's the basic law of supply and demand."
Clarke also says that customers are less interested in bargains such as buy-one-get-one-free than they used to be.
- KC's View:
