How high energy prices fuel food inflation
23 March 2023
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Monetary Policy
23 March 2023
In the Media
Housing and Planning
Andy Mayer appears on talkTV
IEA Chief Operating Officer Andy Mayer appeared on talkTV to discuss the unexpected increase in inflation in February.
Andy said:
“Underlying energy inflation is still 130 per cent higher than a year ago, electricity prices about 50 per cent higher.”
“What you’re seeing in high food prices is things like fertilizers have gone up in cost astronomically, things like the goods used to package foods has gone up: also oil and fossil fuel based.
“We are seeing the results of inflation filtering through very long and complex supply chains and some of it is still being driven by the conflict in Ukraine.”
See Andy’s full appearance here (54:57).
Andy said:
“Underlying energy inflation is still 130 per cent higher than a year ago, electricity prices about 50 per cent higher.”
“What you’re seeing in high food prices is things like fertilizers have gone up in cost astronomically, things like the goods used to package foods has gone up: also oil and fossil fuel based.
“We are seeing the results of inflation filtering through very long and complex supply chains and some of it is still being driven by the conflict in Ukraine.”
See Andy’s full appearance here (54:57).
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