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1 Feb, 2023 05:11

Food prices in Britain hit record highs – data

Consumers will pay an extra $1,000 for groceries this year, a survey shows
Food prices in Britain hit record highs – data

Food inflation in the UK soared to a new record of 16.7% in the four weeks of January; even basics such as milk, butter, cheese, eggs, and dog food became much more expensive, according to new figures released by market researcher Kantar on Tuesday.

The report says that grocery price growth is at its highest since the firm started tracking the figures in 2008, adding nearly £800 ($1,000) to the typical annual shopping bill and forcing households to change their shopping habits to save costs.

“Late last year, we saw the rate of grocery price inflation dip slightly, but that small sign of relief for consumers has been short-lived,” Kantar’s head of retail and consumer insight, Fraser McKevitt, said, noting that the current reading jumped a “staggering” 2.3 percentage points from December’s 14.4%.

The latest increase will take the average annual food shopping bill to £5,504 ($6,781), up £788 ($974), according to Kantar.

The data comes as British consumers face an even tighter squeeze on their finances this year amid the worsening cost-of-living crisis. Although overall inflation has started to ease in the UK from its highest levels in more than four decades, food prices continue to rise, the economists said.

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