By Shoppers could face £271 increase in annual food bills
The average annual food bill could rise by £271 as the cost of living crisis continues throughout this year.
According to research company Kantar, grocery prices were 5.9% higher in April than a year ago, the biggest increase since 2011.
It said shoppers were turning to discount retailers Aldi and Lidl as budgets grow tighter.
Supply chain issues, the Ukraine war, and rising raw material costs are all contributing to soaring food prices.
Fraser McKevitt, head of retail and consumer insight at Kantar, said: “The average household will now be exposed to a potential extra £271 per year.
“A lot of this is going on non-discretionary, everyday essentials which will prove difficult to cut back on as budgets are squeezed. We’re seeing a clear flight to value as shoppers watch their pennies.”
Aldi was the fastest growing retailer, with its sales increasing by 4.2% over the 12 weeks to 17 April.
Following closely behind was Lidl, which was up 4%.
The report shows more than one million extra shoppers visited the two retailers compared with this time last year.
Tesco was the only other retailer to increase its market share, growing by 0.3 percentage points to 27.3% of total grocery sales.
Sainsbury’s now accounts for 15% of the market, followed by Asda at 14.1% and Morrisons at 9.5%. The figure for Aldi stands at 8.8%, while Lidl is at 6.6%.
On Monday Morrisons and Asda, who have both been losing customers to Aldi and Lidl, said they were cutting prices on hundreds of products as supermarkets battle for customers.
UK prices are rising at their fastest rate for 30 years, as increased energy, fuel, and food costs are all forcing the public to tighten their purse strings.
Many have already shared their worries that they may not be able to make ends meet, with Labour calling on the government to do more to help the lowest earners in the country.
