Grocery inflation in the UK dipped in November for the first time in nearly two years, but remained near record highs, according to new data.
Market research by Kantar revealed grocery inflation in the four weeks to 27 November 2022 dropped to 14.6%, a small dip to 0.1 percentage points this month.
“Grocery inflation still has a long way to come down though and based on the current rate, shoppers will have to spend an extra £60 in December to buy the same items as last year,” Kantar head of retail and consumer insight Fraser McKevitt said.
McKevitt added the the number of times people who visited the supermarkets in this period also hit a new high, with more people opting for cheapest value own label lines in a bid to cope with the ongoing cost-of-living crisis.
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As a result, there was also 46.3% rise in customers buying own-label products, however, according to Kantar, consumers still want to find room for treats during the Christmas period reporting a 6.1% rise in premium own-label sales to £461 million.
Commenting on the World Cup, the excitement around England’s performance and Wales’ first cup showing in 64 years hasn’t “translated into rapid sales rises at the supermarkets”, McKevitt said.
He continued: “We haven’t seen a big World Cup effect – at least not yet.”
According to the data, take-home beer sales nudged up slightly in the last four weeks, covering the first week of the World Cup tournament, by 5% to £230 million, but mostly due to increased prices.
McKevitt added: “Many people are taking the chance to enjoy a social pint while watching the games in bars and pubs, whereas last year we were in the middle of a Covid resurgence so consumers were limiting their movements and going out less.
“We’re likely to be marking the impact of that comparison with higher at-home volumes one year ago. Crisp and snacks have fared better this winter, however, with sales up by 18%.”
