Customers who shop at Tesco, Asda and other supermarkets have been hit with a £650 warning as grocery shop prices continue to soar.
Food inflation has continued to hit new peaks amidst the cost-of-living crisis, which rose by 14.5% in September 2022, according to Reuters. New research from Kantar has found that the price of a grocery shop in the UK has increased by almost £650 compared to 12 months ago, with essentials such as pasta having risen in price by 60% in a year, while tea has gone up by almost 50%.
Other everyday essentials also recorded significant price increases, such as vegetable oil, chips, bread, biscuits, and milk. A recent FCA report found that one in four UK adults are either currently in financial difficulty or would fall into it following another financial shock.
READ MORE: Cheapest supermarket in the UK named as Asda and Lidl just miss out
With 7.8 million people citing food and energy bills as the biggest strain on their expenditure, many households face a difficult winter, should prices continue to rise. Retail grocery experts, Ubamarket, recently commissioned their Retail Trends Report 2022, investigating the new ways Brits are adapting their grocery shopping habits amidst the cost-of-living crisis.
Devastatingly, the report found that a staggering 15% of British households state they are using their local food bank to supplement their weekly shop, citing that supermarket prices have now become too expensive to rely on. This is supported by data courtesy of IFAN (Independent Food Aid Network), which found that 93% of independent food banks reported an increase in the use of their services.
In recent years discount supermarkets have seen a steady increase in market share, as consumers have increasingly opted for the cheaper prices. However, Ubamarket's report found that 52% of Brits state that although they started to shop at discount supermarkets to save money at the start of the cost-of-living crisis, they can no longer see the benefits that they used to.
Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here
READ NEXT:
DWP urging a million households to claim extra £65 a week
Thousands of people to receive free money voucher during cost of living crisis
I'm A Celebrity viewers warn they may switch off minutes into new series
You could claim £1,850 to help with cost of living crisis
Michael Owen posts cryptic message as Luca Bish 'missing' from family photo
