Food Price Inflation Debate
Full Debate: Read Full DebateDepartment: Department for Environment, Food and Rural Affairs
Desmond Swayne
Main Page: Desmond Swayne (Conservative - New Forest West)Department Debates - View all Desmond Swayne's debates with the Department for Environment, Food and Rural Affairs
(2 years, 7 months ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
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George Eustice
We have obviously made some changes to the benefits system over the years, in particular the introduction of a tapered reduction in universal credit; it always pays people to work more hours and take on more work. We are in a fortunate position in this country in one way: unemployment rates are very low—the lowest since 1974—with close to 1 million job vacancies, and wages for the lowest-paid have been rising.
Sir Desmond Swayne (New Forest West) (Con)
The same price shocks have left Japan and Switzerland with inflation nearer 1%. What difference in monetary policy has protected them and exposed us?
George Eustice
The analysis we have done on food price inflation—I would point out to my right hon. Friend that, in the month of April, food prices on average rose by 1.5%—suggests that around three quarters of the price pressures we have seen can be directly attributed to the price of gas and the remainder to other factors, including rising costs of labour as wages rise for the lowest-paid.