The UK’s grocery inflation hit 14.7% in October, another new record, and it is still too early to call the ceiling according to a report out today
Kantar said that UK consumers would face a £682 jump in their annual grocery bill if they continued to buy the same items. Prices were rising fastest in products such as margarine, milk and dog food.
They also said that 27% of UK households reported that they are struggling financially – double the proportion it recorded last November.
“Nine in ten of this group say higher food and drink prices are a major concern, second only to energy bills, so it’s clear just how much grocery inflation is hitting people’s wallets and adding to their domestic worries,” Fraser McKevitt, Kantar’s head of retail and consumer insight, said.
Discounters Aldi and Lidl are also benefiting from households’ efforts to manage their budget with sales up 22.7% and 21.5% respectively in the three months to the end of October compared with 5.2% growth for the market as a whole.
In contrast, Morrisons, Waitrose and independent grocery stores reported sales falls.
Kantar noted that fewer people were stocking their cupboards for Christmas in October, instead preferring to wait until later in the year.
