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Originally Posted by Dead_Meat
The other way of looking at this (as I heard on the radio the other day) is that the consumption of luxury foods may actually increase.
Luxury foods will be largely unaffected by increases in the cost of production, since they are by their nature not tied to basic commodities.
So, lets say a luxury item is twice as expensive as a basic one. If the basic one increases by a 50%, then the luxury item is now only 30% more expensive and appears to be almost a bargain, so it's quite possible more people will buy it as it appears to be more affordable.
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Possibly, or more likely unscrupulous traders will increase the price of their luxury item keen to turn a larger profit, blaming rising fuel costs to boot.
I suspect whats more likely is the trick of keeping the price similar while making the product a smaller quantity.