Has grocery price inflation hit the peak?
In the weeks leading up to 16th April 2023, grocery price inflation rose by 17.3%, which was a...
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According to Grocery Gazette, in the week ending 20th May 2023, UK supermarkets experienced a 12.3% rise in total till sales, this is according to NIQ, retail analysts, who recorded this rise along with the 9.7% rise in April. It's thought that the trending upwards curve is due to events such as the Coronation and the Bank Holiday weekend.
PHIL DURHAM, UK Business Unit Director & NATASHA LINHART TALK ABOUT THE CORONATION
UK supermarkets saw the largest increase [17.6%] in the week of the King's Coronation with consumers buying more items as they were celebrating. For UK shoppers, however inflation and increasing cost of living prices still dominate consumer habits as own-label products have seen a growth rate of +14.1%.
According to Kantar there has been a small drop in grocery price inflation but it is still very high and this could add an additional £833 to the average household's bill if consumers don't swap their habits. Here's a summery of the Kantar data:
- Branded products rose by 8.3%, surpassed by own-label lines which grew by 12.2%;
- During the week of the Coronation, grocery sales increased by 16% and an extra £218 million passed through the tills;
- Sparkling and still wine sales increased by 129% and 33% respectively driven by demand not prices rises.
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