Supply issues drive up prices of fish, oils and fats
Supply issues have driven up inflation in fish, oil and fat prices as experts predict dairy is also likely to rise soon.
The CGA Prestige Foodservice Price Index reported that fish prices increased by 12.1% year-on-year in April, following poorer than expected catches of cod and haddock, increased demand from southern Europe and the the strengthening of the Norwegian Krone.
Oil and fat prices are 27.9% higher than in April 2017 due to dry weather hitting yields of soybean and oilseed rape.
Shaun Allen, chief executive at Prestige Purchasing, said: "We are continuing to see headline grabbing numbers from oils and fats, and numerous other categories are showing definite upwards trends. Many crops are feeling the effects of the poor winter and higher oil prices are starting to hit farmers. Businesses would be well advised to secure pricing now before further increases are seen, especially in dairy which looks likely to rise in the near future."
The CGA Prestige Foodservice Price Index is jointly produced by Prestige Purchasing and CGA, using data drawn from over 50% of the foodservice market and around 7.8 million transactions per month.
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