The cost of groceries has sky rocketed at its fastest rate for 13 years, according to new figures.
According to Kantar, grocery price inflation reached 7% over the past month, to the highest level since May 2009.
Supermarket sales dropped by 4.4% over the 12 weeks to 15 May, reflecting a a softer fall compared to previous periods, with sales over the last four weeks only down 1.7%.
Kantar‘s recent study found that 22% of households are “struggling” to make ends meet, with the rising price of the weekly shop a concern for more than nine in 10 of these people, hence, the rise of customers using discount retailers.
“People are really feeling the squeeze at the supermarket tills and they’re having to stretch their budgets further to accommodate rising prices,” Kantar head of retail and consumer insight Fraser McKevitt said.
“To put the most recent numbers into context, if you were picking up supplies for a family fry-up over the long weekend with toast, eggs, sausages, bacon and beans it would cost you £6.83 – that’s a significant 40p increase on last year.”
Kantar’s recent study found that 22% of households are “struggling” to make ends meet, with the rising price of the weekly shop a concern for more than nine in 10 of these people.
However, McKevitt added that there are already signs that the UK are spending money ahead of the Platinum Jubilee weekend.
“With a four-day bank holiday weekend on the horizon, we’re expecting people to celebrate with friends and family,” McKevitt added.
“Looking back at the Diamond Jubilee in 2012, we saw a 10% boost in supermarket sales during the week leading up to the festivities.
“We should never underestimate the appetite for a party, especially a royal one. Summer refreshments back then were top of the shopping list and both alcohol and soft drink sales shot up.”