You can read our feature on the impact of Brexit on the food & drink industry here.

Life outside the EU could cost the UK dear, the industry has warned, with food and drink prices rising by an estimated 2.4%. 

Forty per cent in the industry say we can expect price hikes ahead of inflation post-Brexit with a mere 8% making the case for a decrease in food and drink costs.

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Suppliers are the most concerned with 49% expecting an increase, compared with 35% across retailers/wholesalers and foodservice.

“The effect of a Brexit would mean a likely devaluing of the pound” and “this will ramp up my prices overnight” says one concerned supplier. “This might level out in the long term, but I’m not sure the business will survive.”

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Many have predicted consumers will see an end to the cheaper weekly shops that followed record price falls of 2.8% in 2015. “We import all our products from the EU with little red tape and no sales taxes,” says one professional. “This would change if the UK were to leave, causing an increase in cost of products, and therefore an increase in prices to the consumer.”

Another industry figure agrees. “Uncertainty over the effect of Brexit would push up prices to UK consumers and jeopardise the security of farming and fishing communities.”

Those specialised in buying and trading, or working, in the UK’s foodservice industry, are slightly more optimistic than others, however, with 10% believing prices will drop. “There would be more money left without our EC contribution” and “commodity prices should fall as we are able to buy worldwide” was one such view.