Food price inflation hit a 14-month high in October, with prices for popular snacks like chips and soft drinks rising the most, according to new figures.
Annual food price inflation reached 2.1% last month, which is the highest since August 2020, according to food market analyst Kantar.
Fraser McKevitt, Kantar’s head of Retail and Consumer Insight, said that given higher prices, shoppers could start leaving their regular supermarket for a cheaper deal. On average, shoppers already visit more than three different stores each month to find the best deals, he said.
“Grocery prices are rising and inflation this month reached its highest level since August 2020, when retailers were cutting promotions to keep inventory on their shelves,” McKevitt said. “As prices rise in certain categories, we can assume that shoppers will continue to visit multiple supermarkets looking for the best deals.”
The 2.1% food price inflation rate is based on Kantar’s survey of 75,000 products. While the prices in the aisles for chips and soft drinks are rising fastest, the prices for bacon, vegetables and cat and dog treats have fallen.
The latest official data reported consumer price inflation (which also includes other things such as clothing and transportation costs) was 3.1%. The Bank of England has forecast that inflation could rise above 5% by early next year.
Sign up for the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk
After last year’s bans, Kantar said buyers were dying to take advantage of the calendar’s milestones this year. Unconstrained Halloween drove pumpkin sales by more than a quarter in the four weeks ending October 31, and with Trick or Treat, seasonal confectionery grew 27%.
After Christmas 2020 was canceled, the British seem determined not to have ruined another. They stock up on long-lasting foods like puddings and frozen turkeys, as well as gifts. John Lewis launches his celebratory ad a week early after searches for celebratory products increased.
“With Christmas ads showing up earlier than ever and Christmas supplies on the shelves, we really want to prepare for this this year,” said McKevitt, who added that 4.7 million households bought mince pies in October while 1.6 million bought theirs Bought Christmas pudding that cost 400,000 more than last year.
About the Author
