Cost of living crunch: Shoppers exposed to extra £380 on yearly grocery bill
Shoppers are now facing an additional £380 to their annual grocery bill as grocery price inflation has hit its highest level in 13 years.
According to freshly published data from insight firm Kantar, grocery price inflation hit 8.3 per cent over the past four weeks, the highest level since April 2009.
It comes as all eyes are on the Office for National Statistics, which will release the consumer price index (CPI) inflation metric for May tomorrow.
Shoppers have been turning to supermarkets’ own-label brands, with grocers’ ranges growing 12 per cent.
“The inflation number makes for difficult reading and shoppers will be watching budgets closely as the cost-of-living crisis takes its toll,” Fraser McKevitt, head of retail and consumer insight at Kantar, said.
He added: “Based on our latest data, the average annual grocery bill is on course to rise by £380. This is over £100 more than the number we reported in April this year, showing just how sharp price increases have been recently and the impact inflation is having on the sector.”
Consumers have started picking up more products from ranges including ASDA Smart Price, Co-op Honest Value and Sainsbury’s Imperfectly Tasty.
Last month also saw a continuation of a trend of discount retailers growing their market share, with Lidl once again topping the chart for fastest growing supermarket in the period.
The budget grocer saw its sales shoot up 9.5 per cent over the past 12 weeks to achieve a 6.9 per market share.
Similarly, sales at Aldi increased 7.9 per cent, moving its share up versus last year by 0.8 percentage points to 9.0 per cent.