Home » Price of UK’s favorite fast food skyrockets — RT Business News

Price of UK’s favorite fast food skyrockets — RT Business News

by Marko Florentino
0 comments


The cost of fish and chips has surged by over 50% in the past five years driven by sanctions on Russia, data shows

Fish and chips, a traditional British meal valued for its affordability, has seen a significant increase in price over the past five years, several UK media outlets reported on Tuesday, citing data from the Office for National Statistics (ONS).

According to July figures, the cost of fish and chips has surged by around 52% to nearly £10 ($13) per serving from an average of £6.5 in July 2019. According to the ONS, the cost of the popular dish has seen the largest increase over the reporting period in comparison to pizza, kebabs, and Indian and Chinese food.

According to industry representatives who spoke to the BBC, a mix of increased energy and labor costs, poor potato harvests due to bad weather, and Ukraine-related sanctions on Russia, the world’s leading cod producer, were the major drivers behind the spike.

London placed a 35% tariff on seafood from Russia shortly after the outbreak of the Ukraine conflict in 2022, which immediately affected the cost of fish and chips, as around a third of Britain’s white fish at the time came from Russia.

Western sanctions and Russia’s countermeasures also affected energy supplies, which triggered a rise in energy costs for British businesses. As a result, the price of fish and chips spiked by 19% by March 2023. More recently, Russia has also denied the UK’s fishing vessels access to its Arctic fishing grounds in the Barents Sea, ending the Fisheries Agreement signed in 1956 and further affecting prices.

On top of this, extreme weather conditions over the past year have jeopardized potato harvests, which also affects the cost of fish and chips. According to the latest Department for Environment Food and Rural Affairs’ Agricultural Price Index (API), in the 12 months to May 2024, potato prices posted the largest increase among UK agricultural goods, surging 4.1%.

Industry representatives warn that fish and chips is becoming less affordable, and may soon lose its status as an iconic British dish.

“We’ve had the perfect storm of events in terms of cost pressures. It’s not a cheap meal anymore,” Jon Long of Long John’s Fish and Chips in Dorset told the news outlet, adding that the current economic climate is the “toughest set of conditions” he has seen in the past three decades.

“People think that fish and chips is a cheap meal and it just isn’t. People are prepared to pay £15-20 for a pizza but they’re not prepared to pay it for a portion of fish and chips,” Angela Cartwright, the owner of Kingfisher Fish Bar in Salford, said.

For more stories on economy & finance visit RT’s business section



Source link

You may also like

Leave a Comment

NEWS CONEXION puts at your disposal the widest variety of global information with the main media and international information networks that publish all universal events: news, scientific, financial, technological, sports, academic, cultural, artistic, radio TV. In addition, civic citizen journalism, connections for social inclusion, international tourism, agriculture; and beyond what your imagination wants to know

RESIENT

FEATURED

                                                                                                                                                                        2024 Copyright All Right Reserved.  @markoflorentino