The average British household could see their grocery bills skyrocket to over an additional £100 each week by 2030, according to new research.
It comes as inflation continues to reach record-high levels amid the worsening cost of living crisis. The Grocery Gazette reports that households could see their bills rise as high as £177 by 2030 - an increase from the £69.20 which the average British household spent a week on groceries in 2021.
Research by financial institution Admiral Markets warns that the average weekly spend will increase by £7.61 by the end of 2022 - leading to an average bill of £76.81. It comes amid concerns that food-price inflation is rising out of control after reaching its highest recorded rate in September, Hull Live reports.
“Several factors are conspiring to drive inflation higher,” Admiral Market analyst, Roberto Rivero said. “The rising cost of energy is the most important but this has been re-enforced by Covid-related supply-chain issued, labour shortages and the limited amount of food exported by Ukraine and Russia this year compared to normal times. This improbable combination of negative factors explains the rapid jump in the rate of inflation.”
Admiral Market's research found that if inflation continued on its constant at 11 per cent by 2030, the average UK household could be spending as much as £9,204.84 per year on groceries alone. It was also found that shoppers are paying 10.6 per cent more than the same time last year, according to data from the British Retail Consortium (BRC) - NielsenIQ index.
Data from Admiral Markets also examined prices based in different locations across the country, revealing that London was the most expensive city in the UK for buying groceries - with the average capital resident spending £82.14 each week by the end of 2022. Other highly-expensive cities in England revealed in the data include Southampton, Cambridge, and Norwich.
In terms of regions in the UK, Northern Ireland was found to be one of the most expensive place in the UK to purchase groceries, while Wales landed directly in the middle and Scotland ranked as one of the cheapest - with an estimated spend of £66.71 on groceries by the end of this year.
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