Pint of milk up 30pc as supermarket shopping bills keep climbing

THE price of a pint of milk has risen by more than 30pc over the past year to reach 55p as the cost of a weekly shop continues to soar.

Meat, oil and cereal prices are all rising by 10pc or more, new data shows, while even tea bag prices are up by double digits.

Karen Betts, the chief executive of the Food and Drink Federation, said families were on the front line of the new economic crunch despite companies’ efforts to keep costs down.

“The situation is undoubtedly very challenging, with the cost of ingredients and energy still rising and labour shortages biting,” she said.

Russia’s invasion of Ukraine, a major agricultural exporter, has sent the price of imported grain and vegetable oil soaring, while the weak pound has also pushed up costs for British purchasers.

Bread is almost 10pc more expensive than it was a year ago. A loaf of sliced white now averages £1.20, while the butter to put on it is up by one fifth to £2.08 for a block.

Farmers and food manufacturers in the UK are also suffering from higher energy bills and a shortage of workers, which is pushing up the price of domestic produce.

A joint of beef now costs £11.31 for a kilogram, up more than 6pc on the year. Mince has soared almost one sixth to close to £7 for a kilo, according to the Office for National Statistics.

Lamb is up more than 17pc on the year to reach more than £16 for a kilogram of chops.

Anyone in search of sausages for the barbecue will find they cost an average of £5.81 for a kilogram, up 13pc compared with last summer.

Drinks have not been spared the onslaught. Tea is up 11.5pc, instant cof- fee has risen by almost 18pc and draft bitter is 9pc dearer, with a pint now costing an average of £3.50 nationwide.

Poorer households are suffering disproportionately as the price of essentials rises, said Andrew Goodwin at Oxford Economics.

“The fact that high inflation is heavily concentrated in food, petrol, and energy means that inflation rates for lower income groups are likely to be much higher than our forecasts of the average rate for the whole economy,” he said.

Lisa Hooker at PWC said families are already economising on their weekly shop even as food suppliers chop product sizes.

“We’ve already seen more shoppers trading down to own label, and manufacturers adjusting pack sizes – so called “shrinkflation” – to try to help customers manage increasing grocery bills,” she said.

This comes even before the anticipated peak in inflation in the autumn when household bills rise, leaving families less money when picking up their groceries. “Looking ahead, there is no sign that the grocery price increases will abate for the rest of the year,” she said.

“Combined with the anticipated energy price cap increase in autumn and falling consumer confidence more generally, there’s likely to be a squeeze in discretionary spending. It’s already started as we can see from retailer profit warnings.”