Worrying new research shows the cost of groceries is skyrocketing, with the average household paying almost £400 extra just to eat out this year and Britons switching to own-brand items
Research shows households’ annual grocery bills are set to increase by £380 this year due to rising food prices.
New figures from analyst Kantar show that food price inflation rose to 8.3% in the four weeks ended June 12.
That’s up from 7% in May and the highest level since April 2009.
The rising cost of food and groceries means the average annual grocery bill will rise by £380 in 2022 – more than another £100 since April alone.
According to the study, shoppers are increasingly swapping branded items for cheaper private label products to manage their budget.
Sales of branded products fell 1% in the 12 weeks ended June 12, while private label sales were up 2.9% and premium private label were up 12%.
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Fraser McKevitt, Kantar’s head of retail and consumer insight, said sales of private label lines “have been boosted by Aldi Lidl’s strong performances, both of which have extensive own-label repertoire”.
“We can also see consumers turning to price tiers like Asda Smart Price, Co-op Honest Value and Sainsbury’s Imperfectly Tasty to save money,” he added.
But despite soaring food prices, Brits have not skimped on partying Queen’s Platinum Jubilee celebrations.
Kantar noted that food sales in the platinum anniversary week were £87million higher than the 2022 average.
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Grocery analysts warned this month that supermarket costs could rise increase by 15% this summer and let shoppers skip meals.
The Institute of Grocery Distribution (IGD) said households are expected to pay more for essentials like dairy, bread and meat as inflation is expected to hit 11%.
This means the grocery bill of a typical family of four could increase by as much as £40 a month, she warned.
But there are ways to reduce your supermarket spend. We explain seven tips with which you can save money.
Accept the “Downshift” challenge
Try swapping out more expensive branded goods for cheaper supermarket own brands – also known as the “downshift” challenge.
It is estimated that you could save around 30%.
That means if you spend £100 on groceries every week you could save £30 – in four weeks you’ve pocketed £120.
Stick to the cheaper brands and your total savings over a year could add up to over £1,500.
Always look in different aisles
Don’t just stick to one aisle at the supermarket.
You can often find cheaper versions of the same products in the world nutrition and baby sections.
For example, previous research by MoneySavingExpert found that cotton swabs can be 20% cheaper in the baby department.
Herbs and spices can also be found in the World Food section for less than half the price.
Use a basket instead of a trolley
If you have a basket instead of a trolley, you won’t be able to carry as much – hence you’ll spend less.
It also means you’re more conscious of what you’re buying since you don’t have as much space.
Don’t forget your loyalty card
Loyalty programs for the big supermarkets can be subscribed to for free.
They give you money back with every purchase, usually in the form of points.
So if you’re going to be spending money at that particular grocer anyway, there’s no point in not having a loyalty card.
Tesco is now offering cheaper prices for shoppers who have signed up for its club card scheme.
Avoid spending in convenience stores
Shopping at your local supermarket is more expensive than visiting a big store – so avoid them if you can.
The? says shopping in smaller stores could cost you an extra £300 each year.
The consumer champion said households spend up to £10.20 more each week in a Sainsbury’s Local than in a regular Sainsbury’s supermarket.
Meanwhile, a Tesco Express grocery basket cost an average of £279 more over 12 months.
Chase yellow stickers
Yellow stickers are a great way to save money and reduce food waste.
The exact time when each supermarket starts reducing their products is different. Familiarize yourself with the routine of your favorite store so you know when to visit.
You can even ask the staff about the best time for yellow stickers.
Don’t shop on an empty stomach
When your stomach is growling, you’re more likely to grab unwanted snacks that you don’t really need.
Make sure to visit the supermarket on a full stomach if possible.
Also, try to shop alone to avoid other people swaying your purchasing decision.
https://www.mirror.co.uk/money/how-much-your-food-bill-27289605 How much your grocery bill will rise by this year as grocery inflation hits a 13-year high