Executive director James Bailey said the 'value of food needs reappraising'. It announced that Waitrose products will come from 'regen' farms by 2035Waitrose's boss has hinted at further rises in food prices as the supermarket ramps up its eco-friendly farming in bid to battle climate change.
Speaking on Radio 4's Farming Today he said: 'We need to consider that prices should go up because the value of food at the moment needs reappraising by customers. Unlike organic food , which has a strict set of standards that includes no genetically modified ingredients and limits on pesticide and antibiotic use, regenerative agriculture is more of a philosophy of farming, centred around protecting the soil to improve its biodiversity and ability to store carbon.
However, for shoppers this news comes after food prices have been spiked for the past few years because of global crises, such as Covid19 and the war in Ukraine. Despite the continued slowdown, 23 per cent of UK households identify themselves as struggling financially - the same proportion as in November last year.
Post-Brexit border checks also came into force last week meaning the price of food imported from the EU will go up, retailers have warned.