UK food prices have spiked at the highest rate in fourteen years, London-based consulting company Kantar said in a study published on Tuesday.
“Grocery price inflation hit 11.6% over the past four weeks, the highest level since we first started tracking the data this way in 2008. 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,” Kantar analysts say.
According to the consulting firm, this means the average annual grocery bill will increase by £533 ($640), or £10.25 ($12.32) per week.
Kantar says soaring prices are driving Britons to change their shopping habits, for instance, “shop around between the retailers to find the best value products,” as well as favor budget categories of goods instead of well-known brands.
“It’s not surprising that we’re seeing shoppers make lifestyle changes to deal with the extra demands on their household budgets. Own-label ranges are at record levels of popularity, with sales rising by 7.3% and holding 51.6% of the market compared with branded products, the biggest share we’ve ever recorded.”
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