Inflation on the price of groceries has hit a record high and is set to continue rising, in another blow to households struggling to cope with the increasing cost of living.
Inflation on groceries is now at 14.7%, with the cost of supermarket own-brand products jumping by 10.3% in the last four weeks, according to analysis by research firm Kantar. This record figure means that shoppers could face a £682 increase on their annual food bill - and things could get worse.
Researchers said that there is currently 'no peak in sight' when it comes to grocery price inflation, meaning a new record high could be set as food prices continue to rise. Analysis by Kantar found that more than a quarter of households (27%) are struggling financially - twice as many as this time last year.
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Fraser McKevitt, head of retail and consumer insight at Kantar, said: “Yet again, we have a new record high figure for grocery price inflation and it’s too early right now to call the top. Consumers face a £682 jump in their annual grocery bill if they continue to buy the same items, and just over a quarter of all households now say they’re struggling financially, which is double the proportion we recorded last November.
“Nine in 10 of this group say higher food and drink prices are a major concern, second only to energy bills, so it’s clear just how much grocery inflation is hitting people’s wallets and adding to their domestic worries," McKevitt added. And these concerns are understandably having an impact on Christmas shopping this year, with the research finding that 32% fewer shoppers have already bought their Christmas pudding compared to this time in 2021.
Consumer group Which? has called on supermarkets to "do more" to help customers amid the cost of living crisis, including healthy budget ranges, promotions and clear shelf pricing. According to the group's 'Priority Places for Food Index', which ranks local areas according to the likelihood of people needing support to access affordable and healthy food, the North East is the worst region impacted.
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