Former Sainsbury's chief warns food prices to rise by at least 5% in next year
![The former head of Sainbury's warned that food prices could increase. Picture; Emma Mitchell](https://www.scotsman.com/webimg/legacy_elm_51105601.jpg?crop=3:2,smart&width=640&quality=65&enable=upscale)
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Justin King blamed the plunge in the value of the pound since Brexit for creating a “profound change” for food retailers.
Mr King said supermarkets would find it hard to calm price hikes while dealing with increased costs.
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Hide AdHe told BBC Newsnight: “Something of around 40% to 50% of what we buy in the shops is sourced abroad in a currency other than the pound, and with the current rates of exchange we could expect that to be about 10% more expensive in a year’s time. And if that’s about half of what we buy, that means something of the order of 5% inflation.”
The view was supported by the director-general of the Food and Drink Federation, Ian Wright, who told the BBC prices could increase next year by between 5% and 8%