Mintec, the leading global provider of pricing data and insight to the food and beverage sector, has launched the Brexit Food Price Index.
BOURNE END, BUCKINGHAMSHIRE, UNITED KINGDOM, November 13, 2019 /EINPresswire.com/ — Mintec, the leading global provider of pricing data and insight to some of the world’s largest retailers, manufacturers, and foodservice brands, has launched the Mintec Brexit Food Price Index. The index gives companies the ability to understand food price volatility and to prepare for the changes brought about through Brexit. Mintec is helping clients ensure they are best placed to track food price changes and make more informed purchasing decisions.
This new monthly index measures the changes in the price of selected food categories that are reportedly highly sensitive to the outcome of the Brexit process, particularly since the referendum in June 2016. The index aims to help purchasing professions from across the food and beverage sector to develop greater insight into the potential impact of Brexit on food ingredient prices to inform their purchasing strategy.
“While there is a range of outcomes for Brexit, businesses need to understand the effect the process is having on business confidence and how this is contributing to price volatility.”, said Spencer Wicks, CEO Mintec.
Market intelligence linked to prices, such as the Brexit Food Price Index, is paramount in being able to understand crucial trends and developments in any industry. Within the food and beverage industry, Mintec has proven themselves to be leaders in market intelligence, employing technology to help recognise client needs against increased market volatility.
Having been in operation for more than thirty years, Mintec has continued to consistently innovate and evolve its products and services in response to client needs. At a time where only the most agile and technically proficient companies survive and thrive, this firm is continuing to help clients meet their needs in a continually changing industry.
About the Index
The overall index comprises six category indexes representing the food categories, which are highly sensitive to market price volatility. These category indexes are fruit and vegetables, meat, dairy, grains, fish and oilseed. Each category index will be updated and published monthly, together with the overall Brexit Food Price Index.
These categories have been weighted based on the value of the UK agri-food imports from the EU, with the fruit and vegetable category carrying the highest weighting, as the UK has a significant deficit in fruit and vegetable production.
“Being able to visualise how prices are moving over time will help procurement teams and others involved in buying decisions to track key prices that are most impacted by changes in the supply chain. “said Tosin, Commodity Intelligence Manager at Mintec.
The overall index will enable procurement teams as well as a range of food and beverage sector professionals to track total price movements as well as dig-down into individual categories to understand how price changes could affect their purchasing strategies.
Mintec believes that bring greater visibility into food prices during this crucial time within the Brexit process will help businesses to reduce the impact on their costs, manage and mitigate exposure to risk and ensure efficiency during turbulent times. In working alongside companies affected by food price changes linked to Brexit will help to support more efficient and sustainable strategies.
Mintec enables the world's biggest food and consumer packaged goods brands to implement more efficient and sustainable procurement strategies.
Our cutting-edge SaaS platform, Mintec Analytics, delivers market prices and analysis for more than 14,000 food ingredients and associated materials, empowering our customers to understand supplier prices better, analyse their spend and negotiate with confidence.
To learn more visit www.mintecglobal.com
Source: EIN Presswire