Food bills on course to rise by £275 a year as prices jump

Tom EspinerBBC enterprise reporterGetty ImagesThe common family spend on foods and drinks is on the right track to rise by £275 this yr, prompting consumers to purchase cheaper groceries or put together less complicated meals at residence to chop prices. Over the previous month, meals costs have risen by 5.2% in comparison with final yr as shoppers’ concern about the price of purchasing has accelerated, in keeping with Worldpanel by Numerator.The market researcher mentioned consumers are altering their habits to purchasing supermarkets’ own-brand items, which generally value much less, or are scaling again on what they serve at dinner. Fraser McKevitt, Worldpanel’s head of retail and shopper perception, warned costs are “again up on the rollercoaster” seen after Russia invaded Ukraine in 2022.At the moment, the price of power and commodities soared which led to a steep rise in meals costs earlier than they eased in 2023. The rise in costs during the last 4 weeks is the best for the reason that starting of final yr.On common, UK households spend round £5,283 for a yr on groceries however this might improve by £275 except individuals change what they purchase, mentioned Worldpanel by Numerator.Chocolate, butter and spreads in addition to contemporary meat recorded the sharpest rises within the 4 weeks to 17 July, in keeping with the firm, which displays costs on 75,000 similar merchandise.On the similar time, the price of pet food, confectionery and laundry dropped. Mr McKevitt mentioned most individuals have choices in relation to managing meals prices akin to shopping for extra own-brands items from supermarkets, searching for promotions or going to cheaper retailers.Getty ImagesDog meals is one space the place costs are falling However Worldpanel mentioned that round a fifth of households within the UK are “struggling” with grocery payments, with a few of these in a scenario the place they can’t minimize meals prices any extra.The analysis agency, which follows the purchasing habits of 30,000 households throughout the UK, mentioned persons are making less complicated night meals when attempting to economize.”Virtually seven in 10 dinner plates embody fewer than six elements,” mentioned Worldpanel.The rising value of meals has contributed to a rise within the general fee of inflation within the UK which hit 3.6% within the yr to June – the best since January 2024.