News in brief February 2022

i) Increase in the number of Glastir payments made early

More than 2,200 claims under Glastir schemes were paid in January 2022, representing 78% of all claims worth £26.2 million to Welsh farmers.

According to the Welsh Government, this has been possible following the introduction of BPS advance payments in October last year. This is part of the £66.7 million allocated to extend the Glastir schemes until December 2023.

ii) Iceland commits to freezing prices on 60 items until end of the year

Major retailer Iceland has reiterated its commitment to freeze prices on more than 60 items in its value range until the end of 2022.

It is believed that all retailers will be forced to raise their prices but all of Iceland’s £1 frozen lines will remain the same despite no price caps for energy prices for businesses, rising commodity prices and higher shipping and labour costs.

iii) Tesco expects supermarket prices to rise by 5%

The Chairman of Tesco, John Allen, has estimated that supermarket prices could rise by as much as 5% in the first quarter of 2022 due to rising energy prices.

Currently, around 2,100 of their products are at their lowest prices.

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