Food inflation continues to grow in double digits
Like-for-like grocery price inflation was 17.2% for the four weeks to 14 May 2023, according to the latest data from Kantar. Take-home grocery sales rose by 10.8% over the month in comparison with the same period last year.
Fraser McKevitt, head of retail and consumer insight at Kantar, said: “17.2% is the third fastest rate of grocery inflation we’ve seen since 2008. This could add an extra £833 to the average household’s annual grocery bill if consumers don’t shop in different ways.
“Of course, shoppers are savvy and they’re skirting higher prices by choosing more own-label goods. These lines grew by 15.2% this month, almost double that of branded products which rose by 8.3%. However, the gap between own lines and brands is narrowing in most stores, helped in some cases by loyalty discounts. The recently launched Nectar prices scheme boosted sales of brands bought on deal in Sainsbury’s, causing them to jump by more than a quarter this period.”
Despite price pressures, people took the opportunity to make the most of the additional bank holiday this month with celebrations for the King’s coronation. “Grocery sales soared by 16% during the week of the coronation, adding up to an extra £218 million passing through the tills.
Chloe Ryan | Poultry News
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