Supermarket Prices Rise at Fastest Rate in a Decade, as Inflation Grips Britain
The growing cost of living crisis in Britain has seen grocery price inflation hit its highest level in ten years, with prices rising by over five per cent over the past four weeks.
A report from the London-based data analytics and brand consulting firm Kantar found that price inflation at grocery stores in the UK has risen to the highest level since April of 2012, with an increase of 5.2 per cent recorded over the past month.
The firm found that consumers are increasingly turning towards store brand (own label) products instead of more expensive brand label products, rising by 0.7 per cent despite the overall downward purchases of all groceries. In the 12 weeks leading up to March 20th, supermarket sales fell by 6.3 per cent.
Fraser McKevitt, the head of retail and consumer insight at Kantar, said: “What we’re really starting to see is the switch from the pandemic being the dominant factor driving our shopping behaviour towards the growing impact of inflation, as the cost of living becomes the bigger issue on consumers’ minds.”
“More and more we’re going to see consumers and retailers take action to manage the growing cost of grocery baskets,” McKevitt added. – READ MORE
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