UK food inflation hits new high – study – RT Business News
UK food prices have risen to their highest level in fourteen years, London-based consultancy Kantar said in a study published on Tuesday.
“Grocery price inflation has hit 11.6% over the past four weeks, the highest level since we started tracking data this way in 2008. As expected, we have now reached a new spike in grocery price inflation, with products like butter, milk and poultry in particular seeing some of the biggest jumpsSay Kantar analysts.
According to the consultancy, this means the average annual grocery bill will rise by £533 ($640), or £10.25 ($12.32) per week.
Kantar says soaring prices are pushing Britons to change their shopping habits, for example, “shop between retailers to find the best value productsas well as favoring budget product categories over well-known brands.
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“It’s no surprise that we see homebuyers altering their lifestyles to meet the additional demands placed on their household budgets. Own brand ranges are at record levels of popularity, with sales up 7.3% and holding 51.6% of the market over branded products, the largest share we have ever recorded.”
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