The cost of living is on the rise, and households are visiting supermarkets more than four times a week in search of deals to keep their wallets afloat. In March, grocery prices increased by 17.5% compared to the same month last year, with egg, milk, and cheese prices increasing the most.
The head of retail and consumer insight at Kantar, Fraser McKevitt, stated that consumers are “shopping around for the best value” and that supermarkets are competing to entice customers through their doors. The average customer is visiting three or more of the top 10 retailers in any given month.
Separate research by the British Retail Consortium (BRC) found the price of chocolate, sweets and fizzy drinks have shot up ahead of Easter due to availability issues. The Office for National Statistics (ONS) reported that food prices rose at the fastest rate in 45 years, driven in part by fruit and vegetable shortages, resulting in an unexpected increase in overall inflation to 10.4% for the year ending in February.
As a result, the Bank of England has increased its interest rates from 4% to 4.25 % in an effort to curb price inflation. Andrew Bailey, governor of the Bank of England, cautioned businesses not to raise prices at a faster rate than inflation, as this could increase the cost of living.
As food prices continue to rise, many families are searching for ways to save money on their grocery bills. Examining your cabinets to determine what you already have, taking advantage of sales, purchasing food close to its expiration date, and utilising your freezer are all suggestions.
The rising cost of living is a source of concern for households across the United Kingdom, as grocery bills continue to rise and prices of chocolate, sweets, and carbonated beverages rise in advance of Easter. In an effort to combat this inflation, the Bank of England has increased its interest rates. In order to save money on groceries, households are encouraged to examine their cabinets, take advantage of discounted items, purchase items close to their expiration dates, and utilise their freezers.
