UK grocery price inflation hits highest level since 2008
UK grocery price inflation has hit its highest levels since the 2008 financial crash over the past month, according to the latest figures.
Brits are now facing an 11.6 per cent price hike on average food-shopping goods, market data from Kantar has revealed today.
As spiralling inflation leaves no sector in the UK unscathed, the average household’s annual grocery bill is now set to soar by £533, the equivalent to £10.25 every week.
Head of retail and consumer insight at Kantar, Fraser McKevitt, said: “As predicted, we’ve now hit a new peak in grocery price inflation, with products like butter, milk and poultry in particular seeing some of the biggest jumps.
“People are shopping around between the retailers to find the best value products, but back in 2008 there was much more of a reliance on promotions. It’s harder to hunt out these deals in 2022 – the number of products sold on promotion is at 24.7 per cent for the four weeks to 7 August 2022, while 14 years ago it was at 30 per cent.
“Instead, supermarkets are currently pointing shoppers towards their everyday low prices, value-ranges and price matches instead.”