Grocery price inflation rose again to reach 17.1% in the four weeks to 19 February 2023, the highest level ever recorded by Kantar. Overall take-home grocery sales increased by 8.8% during the four weeks and by 8.1% over the 12-week period.
“Shoppers have been facing sustained price rises for some time now and this February marks a full year since monthly grocery inflation climbed above 4%. This is having a big impact on people’s lives,” said Fraser McKevitt, head of retail and consumer insight at Kantar.
“Our latest research shows that grocery price inflation is the second most important financial issue for the public behind energy costs, with two-thirds of people concerned by food and drink prices, above public sector strikes and climate change. One quarter say they’re struggling financially, versus one in five this time last year. The numbers speak for themselves. If people don’t change how they buy their groceries, households are facing an £811 increase to their average annual bill.”
Supermarkets and shoppers are adapting to manage rising prices. “The battle to offer best value for consumers continues in this intensely competitive sector, particularly as the traditional retailers look to protect market share from the discounters.”