NEWS | Industry Updates


Food inflation rate to peak in early 2023, then slow


The rise in the cost of food and drink is set to reach a peak rate of 17-19% year on year in early 2023, before slowing over the subsequent 12 months. Inflation will likely remain above zero at the end of 2023, although price reductions may occur beyond that point if market conditions permit. Harvests in 2023 and the value of sterling will be key factors. This is according to data released by


IGD as part of its quarterly Viewpoint report series and presented at its Insight & Impact 2022 event. In June 2022, IGD initially calculated


that food price inflation would likely accelerate until autumn 2022, peaking at 14-16%, then dissipate by mid-2023. However, major strategic changes


Evoca announces its ESG commitment


EVOCA Group, specialist in the production of professional coffee machines, has formalised its purpose and values and initiated a process of transformation towards sustainability. Andrea Zocchi, chief executive of Evoca, has announced to all employees that a new path in the sustainable evolution of the Group is about to begin. In the current socio-economic context, marked by profound changes, Evoca has taken the


important step of reassessing the purpose of the company and its activities, in relation to its employees and its stakeholders. This period of reflection has led to the evolution of the Group’s identity and its action


plans. Consequently, a sustainable transition project has been initiated, involving environmental, social and governance aspects. The project will be guided and measured according to ESG criteria (Environment, Social, Governance). Called “The Taste of Sustainability”, the project seeks to identify and promote, internally


and externally, each step the Group takes towards improving its sustainability. The overall objective is to generate a concrete culture of sustainability, for both Evoca’s staff and its stakeholders. For Evoca, “The Taste of Sustainability” represents a long-term commitment, the results of


which will emerge progressively and continuously. It will be a vital part of Evoca’s ethos until its evolution towards maximum sustainability is completed. “We have chosen this name for the project for a simple reason”, Mr Zocchi says. “We want to connect the exceptional sensory experience that we offer to our consumers every day to the taste, the passion and the commitment with which we continue to carry out our activities. We all want to live in a world in which the environment is respected, in which our actions are based on solid principles and the well-being of the people around us is paramount.” At the same time as the project was announced, a new corporate purpose was also


introduced. It crystalises the aim that guides the Evoca Group: Great coffee to inspire a better world, anywhere and anytime “By ‘purpose’, we refer to our desire to guarantee a magnificent sensory experience to every person who tastes a product from one of our machines”, Mr Zocchi says. “We strive to ensure that this experience is consistent, at anytime, anywhere in the world; without forgetting that this commitment must be met with the utmost respect for the environment, for individuals and for society at large, now and in the future.’


6 | vendinginternational-online.com


have affected the food supply chain since June, including significant input cost pressures, a tight labour market, continued supply chain disruption and the ongoing war in Ukraine. The outlook for food price inflation


has therefore worsened, leading IGD to issue its revised forecast. As before, the bulk of inflation pressure on households is likely to come from four major product categories: meat, fruit and vegetables, dairy and bread. James Walton, chief economist,


IGD, said: “There is no doubt about it that this is a daunting prospect for both households and businesses. Already we can see the food industry pulling together and retailers putting themselves in the shoes of shoppers to understand how best they can support them during this difficult time. “Whilst it’s clear that there are considerable global and UK-specific economic headwinds ahead, there is some light at the end of the tunnel, with food inflation expected to dissipate slowly during 2023.


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