Shopper shock as food bills skyrocket amid rising inflation
Finance experts warned this year’s average shop could cost £533 more than 2021 because of rising inflation.
Spikes in the price of butter, milk and chicken made the cost of a weekly shop rise by 11.6 per cent in the four weeks to August 7, research firm Kantar said.
Fraser McKevitt, from the firm, said: “We’ve now hit a new peak in grocery price inflation, with products like butter, milk and poultry, in particular, seeing some of the biggest jumps.
“This means the average annual shop is set to increase by a staggering £533, or £10.25 every week if consumers buy the same products as they did last year.
“It’s not surprising that we’re seeing shoppers make lifestyle changes to deal with the extra demands on their household budgets.”
Overall supermarket sales rose by 2.2 per cent and more people are buying own-label products in a bid to save.
The heat also caused a surge in sales of soft drinks, ice cream and summer clothes.
Kantar said people were now shopping around more and switching supermarkets as the costs crisis hit home.
Sue Davies, of consumer magazine Which?, said: “Grocery bills rising by hundreds of pounds annually will put a huge dent in already stretched household finances.
“Even before the latest increases, we found the cost of hundreds of popular items had soared by more than 20 per cent in two years.”
Which? has called on supermarkets to boost their value lines, which Ms Davies said had “become less available just as consumers need them most”.
She said: “The Government must support those who are struggling, but supermarkets can also boost budget range availability.
“They should be more upfront about costs and provide clear unit pricing to help shoppers to easily compare items.”
Published at Tue, 16 Aug 2022 22:01:00 +0000