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BBC business reporter Tom Espiner reported that the average household spend on food and drink is forecasted to increase by £275 this year, prompting consumers to consider purchasing cheaper groceries or opting for simpler meals at home to reduce costs. According to Worldpanel by Numerator, food prices have risen by 5.2% in the past month compared to the previous year, leading to heightened concerns among shoppers about the affordability of their grocery shopping.
In response to the escalating prices, shoppers are adapting their shopping habits by opting for supermarkets’ own-brand products, which are often more cost-effective, or reducing the variety of dishes served at mealtimes. Fraser McKevitt, the head of retail and consumer insight at Worldpanel, cautioned that prices are experiencing fluctuations reminiscent of those seen following Russia’s invasion of Ukraine in 2022. At that time, the cost of energy and commodities surged, leading to a significant increase in food prices until they subsided in 2023.
The recent spike in prices over the past four weeks marks the highest increase since the beginning of last year. On average, UK households typically spend roughly £5,283 annually on groceries, but this figure could rise by £275 unless consumers modify their purchasing habits, as advised by Worldpanel by Numerator. Notably, items such as chocolate, butter, spreads, and fresh meat have witnessed the most notable price hikes in the four weeks leading up to 17 July, while the prices of dog food, confectionery, and laundry have decreased.
Despite the availability of various strategies for managing food expenses, such as purchasing more own-brand products from supermarkets or seeking out discounts, Worldpanel highlighted that about one-fifth of households in the UK are encountering challenges with their grocery bills. Some individuals have reached a point where further cuts in food costs are no longer feasible. As a result, many consumers are simplifying their evening meal preparations in an effort to save money. This surge in food prices has contributed to a rise in the overall inflation rate in the UK, which reached 3.6% in the year leading up to June – the highest rate since January 2024
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