We have all seen rising prices when it comes to our weekly food basket, but just how much of an increase we've absorbed the situation could get worse. It has been reported that shoppers are now paying an eye-watering £571 more for groceries than a year ago.
Inflation for food has soared to 12.4 percent. What this means when it comes to food budgets is that, on average, people are paying £5,181 a year on groceries - up from £4,610 just 12 months ago. An addition burden especially with fuel and energy price increases.
The figures assume shoppers have kept buying the same products they did previously. Although Nottinghamshire Live has already reported that some shoppers are making the swap to own-brand alternatives or switching to cheaper supermarkets in the midst of the cost of living crisis. The market share of Aldi has gone up 1.2 percent. Sales rose by 18.7% over the 12 weeks to September 4, reaching 9.3% market share, while fellow discounter Lidl increased its sales by 20.9% and its market share to 7.1%.
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The findings, reported by My London and highlighted by the PA news agency, confirmed what shoppers were seeing on the shelves. The huge increases mean the price of milk has risen by 31 percent, butter up by 25 percent and dog food 29 percent.
In the report, sales of the very cheapest own-label value products were said to be up by 33% on a year ago, with almost one in four baskets containing one of these lines. Overall spending on all retailer own-label lines was £393 million higher during the latest four weeks, pushing their share of the market to 51.1%.
Overall, take-home grocery sales increased by 3.8% over the quarter - the third month of growth in a row after more than a year of decline as a consequence of comparisons with the pandemic.
Fraser McKevitt, head of retail and consumer insight at Kantar, explained: "It seems there’s no end in sight to grocery inflation as the rate at which food and drink prices are increasing continues to accelerate. In what is a fiercely competitive sector, supermarkets are reacting to make sure they’re seen to acknowledge the challenges consumers are facing and offer best value, in particular by expanding their own-label ranges.”
He added: “Back at the start of the 2010s, Tesco, Sainsbury’s, Asda and Morrisons together accounted for over three-quarters of the sector but that traditional big four is no more. The discounters have seen dramatic sales increases in recent months, bringing more and more customers through their doors.
"Aldi has done well to expand its shopper base, supported by consistent store openings, and with 14.2 million consumers visiting the grocer in the past three months. Meanwhile, for the fourth month in a row Lidl was the fastest-growing grocer and recorded its strongest sales performance since October 2014.”
Even with rising prices, parents had to prepare for the end of the summer holidays as the majority of schools went back in early September. Sales of sliced bread were up by 12% in comparison with the previous three weeks, while cheese snacks grew by 18% and children’s yogurts by 57%.
However, on Wednesday (September 14) the Office for National Statistics (ONS) said Consumer Prices Index inflation reached 9.9% in the year to August, down from 10.1% the previous month. Experts had expected the figure to be unchanged between the two months. Inflation fell for the first time in nearly a year in August as lower diesel and petrol prices took some pressure off struggling households, but it remains close to its 40-year record.
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