Grocery inflation hits highest point since August 2020

The squeeze on living standards has tightened as the UK’s grocery inflation reached a 14-month high.

According to Kantar, prices rose 2.1 per cent in the four weeks to October 31, faster than at any point since August last year.

The Guardian reports that the value of savoury snacks, canned colas and crisps has soared, while that of fresh bacon, vegetables and pet treats has dropped.

It will add to the financial stress of families, who are also dealing with cost increases for in energy, petrol and diesel.

READ MORE: Kraft Heinz defies ‘escalating inflation’ with forecast raise

Overall inflation is expected to hit five per cent by next April.

Kantar head of retail Fraser McKevitt suggested price rises would prompt shoppers to hunt around for better deals.

“Grocery prices are rising and this month inflation hit its highest rate since August 2020, when retailers were still cutting promotions to maintain stock on the shelves,” he noted.

“We can expect shoppers to continue to visit several supermarkets and shop around to find the best deals. 

“Already, households visit an average of 3.3 supermarkets per month in order to find the best value for money.”

Data also showed people are stocking up on puddings and turkeys early as they prepare for Christmas.

“After a tough 18 months, consumers are gearing up for bigger and better celebrations,” McKevitt said. 

“With Christmas ads out earlier than ever and Christmas stock on the shelves, we’re keen to prepare early this year so we can dive head first into festivities.”

Warnings of festive food shortages and supply chain issues are also likely to have played a part in the shift.

Frozen poultry sales are up 27 per cent on last year, with people spending an additional £6.1 million over October. 

Around 4.7 million households bought mince pies, while 1.6 million got hold of a Christmas pudding.

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