New data released by market researcher Kantar on Tuesday showed UK grocery prices surged to 17.1% to hit a new record in the four weeks of February. The fastest price growth was being seen among milk, eggs, and margarine, according to the data.
The report notes that the rate of inflation for food items is the highest the firm has seen since it began tracking the numbers in 2008. The price rises are adding roughly £811 ($980) to the typical annual shopping bill, as it forces UK consumers to shift their buying habits, trading down and reducing quantities.
The head of retail and consumer insight at Kantar, Fraser McKevitt, said, “This February marks a full year since monthly grocery inflation climbed above 4%. This is having a big impact on people’s lives.”
He noted one in four Britons were struggling financially, as food prices became the second most important financial issue for Britons, coming in just behind energy costs.
A recent BBC study found that some essential items have nearly doubled in price over the past two years. The study noted a 500g bag of pasta which cost 50p two years ago now costs 95p.
British families are having an even worse run, as the government cuts back on support it had been issuing to help defray energy bills, and mortgage rates continue to surge, all making the cost of living crisis even more burdensome.
Although at 10.1%, inflation in the UK had fallen in January from the highest levels it had seen in over four decades, food prices have bucked the trend and continued to rise, forcing shoppers to try and find ways to do more with less, whether by trading down, turning to discounters, or simply doing without.
