It seems the price of wheat, as we reported on Saturday
, will not be the only commodity rising in cost in the near future.
Petrol might pass £1.20 a litre by the UK August bank holiday, according to a report in the Daily Telegraph this morning
. That means filling up a tank in an average car will cost around £7 more than a year ago. The predicted rise, forecast by RMI Petrol
, is attributed to the cost of crude oil which has been creeping up steadily recently.
But there is another commodity increasing in price, which the Daily Mail
now claims is now more expensive than petrol per gallon. According to the story, the cost of a jar of Marmite has gone up 25 per cent in the past five years
. Although this is, apparently, less than the rise in the price of bread over the same period – which experienced a 40 per cent increase and is likely to grow further as a result of problems in Russia.
Food prices are perhaps more susceptible to rises than other commodities because crops and harvests are greatly affected by changeable weather and manufacturers have to adjust accordingly. But maybe this is an indication of what is to come for buyers in the next six months, as suppliers start to ramp up their prices to recover from the economic downturn.