UK shoppers are continuing to see a steep rise in food and drink prices, with grocery price inflation reaching a record 17.1% in the four weeks to 19 February 2023.
This means that households are facing a potential £811 increase in their annual shopping bill if they don’t change how they buy their groceries, Kantar said.
February 2023 marks a full year since monthly grocery inflation climbed above 4% and over the past 12 months there has been a notable shift in shopping habits, with own label ranges overtaking brands and more people shopping at discounters Aldi and Lidl.
Sales of own-brand lines were up 13.2% in February, compared with a 4.6% rise in branded products.
Aldi is Britain’s fastest growing grocer, with sales rising by 26.7%, closely followed by Lidl which increased sales by 25.4%. In market share terms, Aldi achieved a new record of 9.4% in February and Lidl’s share of the market now stands at 7.1%.
Kantar’s latest research shows that grocery price inflation is the second most important financial issue for UK consumers behind home energy costs, with two-thirds of people concerned by food and drink prices.
One in four shoppers now say they are struggling financially, up from one in five this time last year.
