Food price rises highest since August 2020, says Kantar (59 อ่าน)

2021-11-10 12:29

Food prices are rising at their fastest pace since August 2020, figures from data firm Kantar suggest, as supply chain disruption continues.

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Grocery inflation rose to 2.1% in October - the highest rate since last year, when retailers were cutting promotions amid the Covid pandemic.

Last week, the Bank of England confounded market expectations by holding interest rates.

But with overall inflation heading for about 5%, a rate rise is expected soon.

Supply chains have been under pressure from factors including the pandemic and a shortage of lorry drivers.

Retail and hospitality groups warned MPs on Tuesday that gaps on shelves and inflationary pressures would continue for the months ahead.

'Shop around'

Kantar said that the fastest rising food prices included savoury snacks, canned colas and crisps.

However, prices fell for products such as fresh bacon, vegetables and cat and dog treats.

"Grocery prices are rising and this month inflation hit its highest rate since August 2020, when retailers were still cutting promotions to maintain stock on the shelves," said Fraser McKevitt, head of retail and consumer insight at Kantar.

"As prices increase in certain categories, we can expect shoppers to continue to visit several supermarkets and shop around to find the best deals."

Official figures showed overall UK inflation dipped slightly in September, with the rate falling to 3.1% in the year to September, down from 3.2% in October.

However, Shore Capital research analyst Clive Black said that some people were "struggling to believe" the inflation numbers from the Office for National Statistics.

He said the figures were "increasingly treated not with scepticism but incredulity as prices from fuel, energy, food, and building materials rise, offset by what?"

Christmas shopping

Andrew Opie, director of food and sustainability at the British Retail Consortium, told MPs it "will be Christmas as we know it" in shops, but the range of products will be reduced, as is already the case in lots of food categories.

Several retailers have reported that customers are planning ahead for Christmas and shopping early amid concerns over shortages of stock.

Kantar data supported this, with the firm saying that 4.7 million households bought mince pies this month.

Frozen poultry sales are 27% higher compared with last year, with people spending an additional £6.1m in the past four weeks.




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