- Executive Director James Bailey said the 'value of food needs to be reassessed'
- It announced that all Waitrose products will come from 'rainfall' sources by 2035
Guard roseThe company's boss has hinted that food prices will rise further as the supermarket steps up its eco-friendly farming in a bid to combat climate change.
James Bailey, the company's executive director, has argued that the “value of food needs to be reassessed” and that customers should bear in mind that in some cases “prices may have to rise.”
It comes as the supermarket giant announced that from 2035, all its meat, eggs, milk, fruit and vegetables will come from 'regenerative farms', a climate-conscious practice that centers on protecting the soil.
Speaking on Radio 4's Farming Today, he said: 'We have to remember that prices have to go up because the value of food needs to be re-appraised by customers at this time.
'Once you understand the impact of the food system on… climate changeon the soil, on nature. [It shows] we need to take a slow but perhaps disruptive journey to educate the customer on how important regenerative agriculture can be.”
James Bailey, the company's executive director, has argued that the value of food needs to be reassessed and that customers should bear in mind that in some cases “prices may have to go up.”
Kantar's latest food price inflation rate is 4.5 percent, up from 17.5 percent last year
It comes as the supermarket giant announced that from 2035, all its meat, eggs, milk, fruit and vegetables will come from 'regenerative farms'.
Unlike organic food, which has a strict set of standards that do not include genetically modified ingredients and restrictions on the use of pesticides and antibiotics, regenerative agriculture is more of an agricultural philosophy, focused on protecting the soil to promote biodiversity and its ability to sequester carbon save to improve.
He added: “If you believe the warnings about soil health, that we only have maybe 50 or 60 harvests left if we don't change direction.
'Anyone who hears this statistic and understands what we do with the soil in the agricultural system and the impact this has on biodiversity [is important]. [Then] regenerative is the collective name for the things we need to achieve.'
For shoppers, however, this news comes after food prices have risen sharply in recent years due to global crises such as Covid19 and the US war. Ukraine.
According to analysts Kantar, supermarket prices were 4.5 percent higher in March than a year ago. Although this was the lowest figure since the days before Russia invaded Ukraine in February 2022, most consumers are still feeling the pressure.
Supermarket inflation peaked at 17.5 percent in March 2023, but has fallen every month since, falling below 10 percent in October last year.
A graph from Kantar shows the market share of supermarkets over the twelve weeks to March 17, 2024
Mr Bailey added: 'If you believe the warnings about soil health, we may only have 50 to 60 harvests left if we don't change direction.'
Despite the ongoing slowdown, 23 percent of British households say they are struggling financially – the same percentage as in November last year.
In addition, supermarkets posted a 97 percent increase in profits in April as millions struggled to put food on the table.
Bosses at Tesco, Sainsbury's, Asda, Lidl and Waitrose came under fire after evidence from consumer champion Which? shows that millions of people are worried about prices or forced to skip meals.
Post-Brexit border controls also came into force last week, meaning the price of food imported from the EU will rise, retailers have warned.
Meat, dairy, plants and seeds are just some of the products that will now be subject to physical checks when imported.
Businesses have warned that the new controls are likely to hit small businesses hardest and lead to price rises for customers.
The measures now in force were previously postponed amid concerns in Britain about fueling the rampant cost of living crisis through more red tape on food imports.