Iceland has been named the UK supermarket with the fastest rising prices with a 10.1% increase since January 2022, new research shows.
According to data from Trolley.co.uk’s Grocery Price Index, Morrisons was close behind at 8%, followed by price rises of 7.8% at upmarket retailer, Waitrose.
While Asda, Co-op and Sainsbury’s saw prices hiked by 6.5% since this time last year, Aldi saw a rise of 6%, with 5% for leading retailer Tesco.
Online-only supermarket Ocado rose its prices the least, with a 4.7% difference.
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This comes as the Competition and Martkets Authority (CMA) is launching a supermarket pricing review as part of an ongoing programme of work to help shoppers spot the best value for their money.
This will investigate confusing unit pricing practices both online and instore across the UK grocery sector. Unit pricing helps shoppers compare how much a particular product costs by the cost per unit (for example per 100g or 100ml), which helps them identify the best deals.
Last week, Kantar’s latest data revealed that grocery price inflation hit a record 16.7% in the four weeks to 22 January 2023, the highest level since is started tracking the figure in 2008.
As a result, as much as £788 has been added to the average annual shopping bill.
New data from the British Retail Consortium and NielsenIQ also found that food inflation reached the highest rate in the food category on record in January 2023 to 13.8%, up from 13.3% in December.
Commenting on the figure, BRC chief executive, Helen Dickinson OBE said “prices are yet to peak” as “retailers still face ongoing headwinds from rising energy bills and labour shortages.”
