Warning unprecedented ‘perfect storm’ will fuel price hike pain

The chairman of food producer SPC has warned he expects the price of supermarket products to rise by between 10 and 20 per cent, and it’s not just food that will be impacted.

SPC’s Hussein Rifai says he hasn’t seen a “negative perfect storm”, like what’s happening now, before.

“We had a double whammy. We had two and a bit years so far of the pandemic … it disrupted the global supply chain quite massively, even before the war started. then just as we’re coming out of that pandemic you’ve got the war between Russia and Ukraine which impacted the oil … and impacted the food because Ukraine used to produce a lot of the food that went into Europe,” he told Neil Mitchell.

“I expect it’ll impact everything you would buy at a supermarket – whether you’re buying q-tips, whether you’re buying food, whether you’re buying cleaning products.”

Mr Rifai expects the price of all of SPC’s products – more than 150 in total – will rise in coming months.

Press PLAY below to hear what’s fuelling the price hikes