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Broadbent Sees Evidence From Producers that Prices have Started to Turn

BOE

Q: On food pricing - how did agents miss this? Is there a risk companies aren't replying honestly about future behaviour?

  • A: Degree of persistence - can look at series of shocks which go back to war in Ukraine. Seems to have gone on longer than past experience would illustrate. There is an element of impact of energy in food production costs.
  • Energy Q for business is hard because there's no fixed amount of time of when contracts would have been reset- can come through very different ways in terms of pricing. Comes back to hedging - there's a lot of uncertainty on that side.
  • Broadbent: Quite a lot of evidence from producer side that prices have started to turn. By the time you get to the policy horizon 18+ month and beyond - it's not having an impact.
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