Food price rises hit 9-year high as crisis deepens
Food prices are rising at nearrecord levels as the cost-ofliving crisis bites, according to new data.
Figures from retail analytics company, Kantar said inflation in February was 4.3% – with prices rising fastest for savoury snacks, fresh beef, and cat food, while the cost of bacon, beer, lager, and spirits fell.
Sales in the 12 weeks to February 20 were down 3.7% compared with the same period a year ago but the group said this was mainly due to tough comparisons with 2021, when the country was in lockdown.
Overall, the firm says supermarket sales remain 8.4% above pre-pandemic levels, despite a shift towards eating out again, and there was growth in on-the-go eating as staff returned to offices.
Fraser McKevitt, head of retail and consumer insight at Kantar, said: "Apart from the start of the pandemic, when we saw grocers cut promotional deals to maintain availability, this is the fastest rate of inflation we've recorded since September 2013.
"Added to this, ongoing supply chain pressures and the potential impact of the conflict in Ukraine are set to continue pushing up prices paid by consumers.
"It's a complex picture for the market this month.
"Households spent on average £26.07 less at supermarkets in February and own-label sales did better than brands for the first time in three months.
"With the formal end to Covid restrictions, more people now eating on the go, buying sandwiches, salads and snacks on our lunch breaks, and eating out. That means they're buying less food and drink to have at home."