Food inflation hit a 14-month high in October as the price of favorite snacks like potato chips and soft drinks soared, according to the new figures.
Annual grocery price inflation hit 2.1% last month and is the highest since August 2020, according to Kantar grocery market analysts.
In the face of higher prices, shoppers could start leaving the regular supermarket to buy a cheaper store, said Fraser McKevitt, Kantar’s head of retail and consumer business. On average, he said, shoppers actually visit more than three different stores each month to find the best deals.
“Grocery prices are on the rise and inflation this month reached its highest rate since August 2020, when retailers were still cutting promotions to keep inventory on shelves,” McKevitt said. “With prices rising in certain categories, we can expect shoppers to continue to visit many supermarkets and shop to find the best deals.”
Grocery price inflation figure of 2.1% is based on Kantar’s survey of 75,000 products. And while prices are rising faster in the potato chip and soft drink aisles, she said prices for bacon, vegetables, and cat and dog treats are dropping.
The most recent official data reported was consumer price inflation (which also tracks other things including clothing and transportation costs) 3.1%. The Bank of England expects inflation to rise to more than 5% by early next year.
After closings last year, Al-Kontar said shoppers are keen to make the most of calendar milestones this year. Untethered Halloween increased pumpkin sales by more than a quarter in the four weeks through October 31, and with trick-or-treat on the cards, seasonal sweets grew 27%.
After Christmas 2020, which has been canceled, the British seem determined not to destroy one more. They’re stocking up on long-life foods like candy and frozen turkey, as well as gifts, with John Lewis launching his festive ad a week ago, after seeing a surge in searches for holiday produce.
“With Christmas ads running sooner than ever and Christmas stock on the shelves, we’re eager to get ready early this year,” McKevitt said, adding that 4.7 million households bought mince pies in October while 1.6 million Christmas puddings were purchased. It was 400 thousand. more than last year.