UK food inflation soars to 13-year high, raising annual grocery bills by £380 – Business Live | Business

Despite soaring food bills, the British have already spent on the Queen’s platinum jubilee celebrations.

Sales during the Platinum Jubilee Week (which included two bank holidays) were £87 million higher than the week average, with increases in liquor and ice cream.

The market leaders Tesco, Aldi and Lidl were the only groups that increased market share based on sales value over a 12-week period.

Only discounters increased sales, Al-Kontar reported, as customers tried to increase their cash.

Supermarket sales fell 1.9% in the 12 weeks to June 12 year-over-year, but rose 0.4% in the past four weeks.

Introduction: Grocery product inflation is at its highest level in 13 years

Good morning, and welcome to our renewed coverage of business, the global economy, and financial markets.

UK consumers face the biggest increase in food bills in 13 years, as the cost of living hits families.

Grocery price inflation jumped to 8.3% Over the four weeks through June 12 – up from 7% the previous month and the highest level since April 2009, according to new numbers from data company Kantar.

This means that your annual grocery bills will Jumped by £380 This year, adding to the burden on people who also face rising energy bills and record prices for petrol and diesel at the pumps.

Mcvite FreezerKantar, head of retail and consumer statistics, says food bills are rising sharply:

“This is more than £100 more than the figure we reported in April of this year, illustrating the extent of the sharp price hikes recently and the impact of inflation on the sector,”

With food prices rising, shoppers are increasingly exchanging branded items for cheaper brand name products.

Kantar reported that branded product sales fell 1% in the 12 weeks to June 12, while sales of its own brand were up 2.9%, and value-branded lines jumped 12%.

McKevitt said sales of private label lines were boosted by the strong performance of Aldi and Lidl, both of which have large stocks of their own brands, adding:

“We can also see consumers turn to value domains, such as Asda Smart Price, Co-op Honest Value, and Sainsbury’s Imperfectly Tasty, to save money.”

We reported last month that the ‘golden age’ of cheap food in the UK is over, and Kantar’s numbers confirm that the pressure on families is getting worse.

As the day comes

Britain’s biggest rail strike in 30 years has begun, leaving commuters facing widespread disruption and cancellation as workers responsible for rail lines and infrastructure across the UK withdrew.

Industry leaders fear the economic disruption will be significant, as travelers and commuters decide to stay home, with strikes also planned for Thursday and Saturday.

Waterloo station this morning, the first day of the national railway strike in London.
Waterloo station this morning, the first day of the national railway strike in London. Photograph: Henry Nichols/Reuters

Yesterday’s last-minute talks failed to resolve a bitter row over wages, jobs and conditions, with each side blaming the other for the lack of progress.

RMT said the train operators made a late offer of wages yesterday, believed to be around 2-3%, with conditions attached and no guarantees against forced layoffs. This is well below the inflation rate, which hit 9% in April.

Richard bergCEO of London Chamber of Commerce and Industrywarned that the capital “can’t handle a summer of chaos on rail and pipelines,” as the economy slows.

While this blow would be harmful, the slump seems likely regardless; As such, I will not comment the final slack on this strike.”

schedule of work

  • 8am GMT: Kantar report on the UK grocery sector
  • 11am GMT: CBI Industrial Trends survey of UK factories in May
  • 1.30pm GMT: Chicago Fed National Activity Index
  • 3pm GMT: US Existing Home Sales for May

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