UK grocery inflation hits new peak
UK grocery price inflation has hit its highest level since 2008, according to Kantar
© Shutterstock
UK grocery price inflation has hit its highest level since 2008, according to Kantar
© Shutterstock
According to Kantar, grocery price inflation hit 11.6% in the past four weeks, the highest level since Kantar first started tracking the data in 2008.
The increase was driven by rising prices for bread, cereal and meat in particular. It means that the average annual shop is set to rise by a "staggering" £533/$641, or £10.25/$12,34 every week, if consumers buy the same products as they did in 2021.
Own-label products popular
"It’s not surprising that we’re seeing shoppers make lifestyle changes to deal with the extra demands on their household budgets," said Fraser McKevitt, head of retail and consumer insight, Worldpanel Division, UK. "Own-label ranges are at record levels of popularity, with sales rising by 7.3% and holding 51.6% of the market compared with branded products, the biggest share we’ve ever recorded."
Kantar noted that customers are shopping around in an attempt to find the best value products, but back in 2008 there was much more of a reliance on promotions. These deals are harder to find in 2022 – the number of products sold on promotion is at 24.7% for the four weeks to 7 August 2022 compared to 30% in 2008.
Prices overall in the UK are rising faster than they have done for 40 years, fueled by rising energy costs – an issue that many countries are grappling with due to the Ukraine conflict. The Bank of England predicts prices will go even higher with inflation rising to 13%.
FIND OUT MORE
-
The Second Travel Tax: Hidden Fees at UK AirportsBritish airports have suddenly latched on a previously ignored revenue stream: a drop-off/collection fee for airport passengers. -
UK Tourism: Staffing Issues Could Slow Down RecoveryThe resurgence of the UK inbound tourism industry is being led by couples and empty nesters from international markets. -
British Airways Extends Heathrow Short-Haul Ticket SuspensionBritish Airways has extended its suspension of ticket sales for all short-haul flights from Heathrow until 8 August. -
McDonald's: First UK Price Hike Since 2008The fast-food chain McDonald´s is increasing the prices of its cheeseburgers and other menu items due to inflation. -
The Most Powerful Passports 2022: UK and US Have Dropped DownTop-ranking passports have bounced back almost to pre-pandemic levels in terms of access.
