Annual food bills set to rise by £682 as grocery price inflation hits record 14.7 per cent, says report

As prices increase due to the cost-of-living issue, the average annual supermarket spend is expected to increase by £682. Market analysts at Kantar have claimed that grocery prices have hit a record high of 14.7 per cent, adding £682 to the estimated yearly supermarket spending as the cost of living worsens, according to a report in Mirror.

14 per cent Increase in Food Costs

Data from Kantar's market analysts show that over the four weeks ending on October 30, food costs increased by 14.7 per cent. This is the highest level since the company started employing this form of price monitoring in 2008. It demonstrates a £40 rise in household grocery consumption per month. The previous month's grocery inflation rate was 13.9 per cent, and an increase of £643 was anticipated for the average yearly price.

From Branded Products to SuperMarket Labels

Kantar records show that consumers giving up branded items to save money contributed to increased sales of supermarket own-label products. In the same period, the lowest value ranges increased by 42 per cent.

Fraser McKevitt's View

Once more, the rate of food price inflation has surpassed a new high. Prices for groceries have generally gone up due to growing labor and energy costs. According to Fraser McKevitt, the head of retail and consumer intelligence at Kantar, it's too soon to predict the peak.

FAQs

What is the average amount required to live in the UK?
An individual in Manchester or London might require a little more than £1,200 per month to pay living expenses.

Will there be a recession in the UK in 2023?
According to the statistics, the UK economy will continue into recession through 2023 and the first half of 2024. The UK's economic problems will lead to price increases for food and energy.