According to research, the cost of food and beverages in stores is rising at a record rate, which is straining household budgets.
According to research firm Kantar, prices increased by 17 point 1 percent from a year earlier in the four weeks leading up to February 19—the highest rate ever.
According to Kantar, one in four consumers now face financial difficulties.
It also stated that if households did not alter their shopping practices, their annual grocery bill would increase by £811.
As producers have seen rising costs for labor, energy, and agriculture, food prices have been rising rapidly.
Fraser McKevitt, head of Kantar's retail and consumer insight division, stated that consumers have been dealing with consistent price increases for some time. "This is significantly affecting people's lives.
Our most recent analysis reveals that, after energy costs, grocery price inflation is the public's second-most important financial concern. ".
According to Kantar, consumers are still choosing supermarket own-brand products in an effort to save money.
Compared to a 4.6 percent increase in sales of branded products, sales of own-brand products increased by 13.2 percent in February.
Despite the fact that 43% of all grocery baskets contain at least one fresh produce item, pack limits are unlikely to have a significant impact on consumers because we typically purchase fruit and vegetables in smaller quantities, according to Mr. McKevitt.
"For example, only 1% of tomato purchases from the previous year included more than three packs. ".
According to Kantar's statistics, the discount supermarket chains have continued to grow quickly. Over the past year, sales at Aldi and Lidl have both increased by more than a quarter.
Separately, online retailer Ocado claimed that customers made on average fewer purchases from it in 2017 compared to the year before.
Although this was the same as before the pandemic, it claimed that the average number of items purchased per visit dropped from 52 in 2021 to 46 last year. As people sought to avoid shopping in stores during the pandemic, online grocery shopping significantly increased.
"Ocado Retail, our UK joint venture with Mandamp;S, has shown its resilience against a backdrop of higher costs and smaller baskets, reflecting the Covid unwind and the UK cost-of-living crisis, by growing customer numbers and increasing online market share," Ocado CEO Tim Steiner said.
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