UK markets open in 6 hours 21 minutes
  • NIKKEI 225

    26,244.32
    +308.70 (+1.19%)
     
  • HANG SENG

    21,859.79
    -137.11 (-0.62%)
     
  • CRUDE OIL

    108.03
    -0.40 (-0.37%)
     
  • GOLD FUTURES

    1,812.00
    +10.50 (+0.58%)
     
  • DOW

    31,097.26
    +321.86 (+1.05%)
     
  • BTC-GBP

    15,900.74
    -44.21 (-0.28%)
     
  • CMC Crypto 200

    416.66
    -3.48 (-0.83%)
     
  • ^IXIC

    11,127.84
    +99.14 (+0.90%)
     
  • ^FTAS

    3,940.03
    -0.87 (-0.02%)
     

Shoppers face £380 jump in grocery bills this year as inflation surges

·2-min read
Britons are set to see their annual grocery bills jump by £380 this year as food price inflation hit a fresh 13-year high, according to new figures (Aaron Chown/PA) (PA Wire)
Britons are set to see their annual grocery bills jump by £380 this year as food price inflation hit a fresh 13-year high, according to new figures (Aaron Chown/PA) (PA Wire)

Shoppers are set to spend £380 more on their grocery bills this year as food price inflation hits a new 13-year high, according to new figures.

Retail data company Kantar said grocery price inflation had jumped to 8.3 per cent over the four weeks to 12 June - up from 7 per cent in May.

Food price rises are now running at their fastest pace since 2009, adding to soaring costs for gas, electricity and petrol.

Average annual food shopping bills have risen £100 since April alone, Kantar said.

Shoppers are increasingly swapping branded items for cheaper own-label products as they look to cut their spending, according to the report.

Sales of branded products fell by 1 per cent in the 12 weeks to June 12, while own-label sales increased by 2.9 per cent and value own-label lines surged by 12 per cent.

Fraser McKevitt, head of retail and consumer insight at Kantar, said sales of own-label lines have been "boosted by Aldi and Lidl's strong performances, both of whom have extensive own-label repertoires".

"We can also see consumers turning to value ranges, such as Asda Smart Price, Co-op Honest Value and Sainsbury's Imperfectly Tasty, to save money," he added.

Despite rising food bills, the data showed that Britons upped their spending during the Queen's Platinum Jubilee celebrations, with supermarket sales falls paring back to 1.9 per cent in the 12 weeks to June 12 - the best performance since October last year.

Supermaket sales have fallen compared to last year when the UK was in and out of a series of lockdowns due to waves of Covid-19.

Sales in the last four weeks grew by 0.4 per cent year on year, Kantar found, with sales during the week of the Platinum Jubilee £87m higher than on average in 2022.

Mr McKevitt said: "The sector hasn't been in growth since April 2021 as it measures up against the record sales seen during the pandemic.

"However, these latest numbers show the market is to an extent returning to pre-Covid norms as we begin comparisons with post-lockdown times."

He added: "The inflation number makes for difficult reading and shoppers will be watching budgets closely as the cost-of-living crisis takes its toll."

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting