Food Price Rises: Impact on Low-Income Families

Lord Marlesford Excerpts

Thursday 25th May 2023 Lords Chamber

[Viscount Younger of Leckie (Con)]

I do not have any figures to support an answer to give to the noble Lord, but what I can say—to which I alluded earlier—is that, in terms of supermarkets and profits, looking at the money side, there is no reason to believe that supermarket profit margins have significantly increased recently. The overall profits of Tesco and Sainsbury’s fell by 51% and 62% respectively in 2022-23. On the link with Northern Ireland, I will certainly look at my answer, and I may well write to the noble Lord.

[Lord Marlesford (Con)]

My Lords, does the Minister agree that the big problem is with processed food—the more processing, the higher the prices? Fresh food is another matter. The price of wheat this time last year was more than £300 a tonne; it is currently less than £200 a tonne. That is actually less than it was before the Ukraine war started. What effect does the Minister think that will soon start to have on the price of bread and meat?

[Viscount Younger of Leckie (Con)]

The truth is that many people on low incomes find it easier, and sometimes cheaper, to buy processed food. That is a fact. Having said that, we would encourage people to go to the local market to buy food. Again, the supermarkets are really stepping up to help those on low incomes.