| 16.9°C Belfast

Food shop to get pricier

News from the World Food Organisation that food prices have risen 1.4% over the last month is worrying.

The heatwave in the US which cut the supply of wheat from the MidWest region has driven up the price of grain, which has driven up the price of meat, which has driven up the cost of a basket of shopping.

To put it in local terms, wheat today will go for close to £200 per ton in Northern Ireland while 10 years ago it was just £70 per ton.

That's a big increase and, with world grain supply showing no signs of picking up, the chances of further price rises look likely.

It doesn't seem to be having much of an effect at present, what with new car sales here heading north, but the coming months could see that basket of food become more and more pricey.

Weekly Business Digest

Margaret Canning’s selection of the must-read business stories straight to your inbox every Tuesday morning

This field is required