More misery is on the way for UK shoppers as new figures reveal our annual grocery bill could jump by £380 this year as food price inflation hits a fresh 13-year high. The figures from Kantar show that grocery price inflation went up to 8.3 per cent over the four weeks to June 12 – up from 7 per cent in May - the highest level reached since April 2009.
The rocketing increases in food prices will mean the average annual shopping bill is set to rise by £380 to £4,960 in 2022 – that's £100 more than predictions in April alone, Kantar said. And in an attempt to mitigate the inflating prices, the figures suggest that shoppers have already begun swapping branded items for cheaper, own-brand alternatives.
Sales of branded products fell by 1 per cent in the 12 weeks to June 12 and own-label sales rose by 2.9 per cent. Value own-label lines saw the biggest rise in popularity up to 12 per cent. Head of retail and consumer insight at Kantar, Fraser McKevitt, said sales of own-label lines have been “boosted by Aldi and Lidl’s strong performances, both of whom have extensive own-label repertoires”.
