LONDON (AFP) – The United Kingdom (UK) food price inflation has soared to a record peak as Britons suffer under a cost-of-living crisis, according to a survey yesterday.
Prices accelerated 17.1 per cent in the four weeks to February 19 compared with a year earlier, data provider Kantar said after tracking the cost of more than 75,000 products. That was the highest increase recorded by Kantar, which began its survey in 2008.
“Shoppers have been facing sustained price rises for some time now… This is having a big impact on people’s lives,” said head of retail and consumer insight Fraser McKevitt at the group. Its research also indicated that grocery price inflation was the second biggest financial issue for Britons after rocketing energy costs.
Kantar found that one quarter of households were “struggling financially” in January, when it surveyed almost 10,000 consumers.
That compared with one fifth one year ago. “These latest figures are deeply concerning,” said director of policy and advocacy Rocio Concha at the consumer pressure group Which?
“Some households are already skipping meals to make ends meet,” she added.
Overall inflation is easing, however, as the cost of energy slides.
Global inflation last year reached the highest levels in decades as the invasion of Ukraine fuelled energy and food prices.
The UK Consumer Prices Index (CPI) peaked at 11.1 per cent in October before falling to 10.1 per cent last month. As food prices soar, online supermarket group Ocado saw its share price slide yesterday as higher costs to the group and falling sales saw it double net losses last year.
