Monday, September 26, 2022

Average food bill could increase by £271 a year

THE average food bill could increase by £271 this year as prices continue to rise, research suggests.

Grocery prices were 5.9% higher in April than a year ago, the biggest increase since December 2011, according to research company Kantar.

It said shoppers were turning to discount retailers Aldi and Lidl as pressures on budgets grows.

Supply chain issues, the Ukraine war and rising raw material costs are all contributing to soaring food prices.

Fraser McKevitt, head of retail and consumer insight at Kantar, said: “The average household will now be exposed to a potential extra £271 per year.

“A lot of this is going on non-discretionary, everyday essentials which will prove difficult to cut back on as budgets are squeezed. We’re seeing a clear flight to value as shoppers watch their pennies.”

The full article can be read below.

https://www.bbc.co.uk/news/business-61223306

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