Grocery price inflation has hit a record 14.7% to add a potential £682 to the annual cost of a basket amid warnings there is still no sign of a peak.
Sales of supermarket own-label products jumped again by 10.3% over the latest four weeks and the cheapest value ranges grew by 42% as shoppers sought to manage their budgets, according to Kantar. Just over a quarter of households (27%) say they are struggling financially – double the figure recorded last November, the research firm said.
Fraser McKevitt, head of retail and consumer insight at Kantar, said: “Yet again, we have a new record high figure for grocery price inflation and it’s too early right now to call the top. Consumers face a £682 jump in their annual grocery bill if they continue to buy the same items, and just over a quarter of all households now say they’re struggling financially, which is double the proportion we recorded last November.
