Soaring food prices in the UK — RT Business News

Average annual grocery bills in Britain set to rise by £572 per household, study finds

Britain’s cost of living crisis is deepening, with food inflation hitting its highest level since the 2008 financial crisis. Grocery prices soared 12.4% over the year to August, market research firm Kantar reported on Tuesday.

“The latest figure means the average annual grocery bill will drop from £4,610 ($5,410) to £5,181 ($6,080) if consumers don’t change what they buy and how they shop to lower the costs”, says the report.

The steep rise will drive up the average annual household bill by £572 ($670), at a time when cash-strapped families are already trying to cope with rising energy bills.

“There appears to be no end in sight to grocery inflation, as the rate at which food and beverage prices are rising continues to accelerate,” Fraser McKevitt, head of retail and consumer insights at Kantar, said.

Milk, butter and dog food are among the goods most affected by inflation, with prices rising 31%, 25% and 29% respectively in the four weeks to September 4 compared to the previous year.

“In a highly competitive industry, supermarkets are responding to ensure they recognize the challenges consumers face and offer the best value for money, including expanding their own brand ranges.” McKevitt noted.

This comes as shoppers are forced to switch to discounters and buy more own brand products than brand name products. According to the report, sales of the lowest-priced own-brand products increased by 33% compared to last year.

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