The cost of basic groceries in the UK has escalated sharply, rising by over 30% in the last two years.
- Despite a recent slowdown, food inflation remains a significant concern, with essential items like milk and cheese seeing major price hikes.
- Meat and vegetable prices have also seen considerable increases, impacting household budgets across the country.
- Supermarkets are responding by expanding budget ranges to provide financially strained consumers with more affordable options.
- The consumer group Which? highlights the ongoing pressure on households, emphasizing the importance of accessible budget-friendly choices.
Over the past two years, the United Kingdom has witnessed a significant surge in the prices of essential food items, with an increase of more than 30%. This trend, identified by research from Which?, highlights the challenges faced by consumers in maintaining their grocery budgets.
While there has been a slight deceleration in food price inflation recently — dropping to 14.9% in the four weeks leading to 9 July from 16.5% the previous month — the costs remain prohibitively high for many essential goods. The inflation rates for specific items are particularly alarming, with milk prices soaring by 36.4% and cheese not far behind with a 35.2% increase. Butters and spreads have risen by 32.2%, while cakes, cookies, and bakery products have climbed at least 30%.
The rise in these costs extends beyond dairy and bakery products. Meat prices have escalated by 23.6% since 2021, vegetables have gone up by 19.1%, and there has been a 26.2% rise in savoury pies, pastries, and quiches. The prices of biscuits have increased by 27%, and juice drinks and smoothies have jumped by 28.6%. According to Sue Davies, head of food policy at Which?, “Despite well-advertised price cuts, Which?’s tracker shows that the cost of essentials like milk and butter is still very high and piling huge pressure on millions, which is why access to budget ranges is more important than ever to help people save money.”
In response to the ongoing cost-of-living crisis, supermarkets are attempting to alleviate pressure on consumers. Notably, Tesco announced it would enhance its stock of own-brand and value ranges in their convenience stores, aiming to provide more economically viable choices for shoppers. This move is mirrored by Morrisons, which last month introduced its Savers range across its Daily convenience stores, targeting support for low-income families.
The actions of these supermarkets reflect a broader recognition of the strain on consumers and the need for accessible, budget-conscious options in the current economic climate. The steps taken by major retailers signify an adjustment to consumer needs, with the potential to ease some financial burdens.
The continuous rise in essential food prices underscores the critical need for accessible budget options as supermarkets strive to meet consumer demands amidst ongoing inflation.
