Food prices 'to rise 5%' because of extreme weather
Original BBC News story: https://www.bbc.co.uk/news/business-45317023
Forecasting is crucial
Sir, CEBR’s prediction of increased food prices highlights an issue of growing significance in the grocery supply chain: forecasting.
Forecasting demand accurately and consistently is something many retailers struggle to achieve when supply is fairly free and ready. However, in times of scarcity, forecasting becomes even more important. Inconsistent or inaccurate forecasting exacerbates the problems within every supply chain.
Yes, forecasting is difficult, but the industry has the information and the capability.
Guy Cuthbert, CEO & CTO, Atheon Analytics
Letter posted in The Grocer on 31st August 2018