Marks & Spencer chief Sir Stuart Rose has pegged food price inflation at almost 10 per cent.
According to an article from the Financial Mail on Thisismoney.co.uk, Rose told an audience of retailers last week: “If food inflation is two per cent, I’m a Dutchman. It’s nearer 10 per cent.”
His comments were a direct response to Sainsbury’s chief executive Justin King, formerly head of food at M&S, who said last month that food inflation was running at just two per cent.
Rose said: “We all understand the danger of inflation, but the alternative is stagflation [inflation with low economic growth and rising unemployment] which is something you don't want. I’d prefer a bit of inflation.”
Rose also said he would be “horrified” if predictions of three successive interest rate rises were to come true.
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