Back in the real world, the latest UK supermarket data from Kantar comes with a nasty inflation warning. The analytics firm warns that grocery price inflation hit 5.9% in April, the highest since 2011 – potentially costing the average household £271 a year.
Kantar adds that supermarket sales have increased by 5.9% over the past 12 weeks, a sign that price increases could cause shoppers to tighten their belts.
Fraser McKevitt, its head of retail and consumer insights, says:
The average household will now be exposed to a potential price increase of £271 per year. Much of this is happening on non-discretionary daily essentials that will prove difficult to cut back as budgets get tight.
We see a clear flight to value as buyers watch their pennies. The level of products purchased on sale, currently at 27.3%, has decreased by 2.7 percentage points as daily low price strategies are pushed.
Kantar noted a boom in demand for vegetable oil as the sector faces what could be called an omnicrisis, with supplies of sunflower, rapeseed, soybean and palm oil currently under pressure. From McKevitt:
Last weekend, several supermarkets introduced restrictions on cooking oil purchases as concerned consumers filled their cupboards. The combination of higher prices and increased demand caused the cooking oil market to grow 17% in April. Sunflower oil, Britain’s most popular choice for frying, and vegetable oil rose even faster, up 27% and 40% respectively.
Aldi was the fastest growing retailer during the period, with sales up 4.2%, followed by Lidl at 4%.
More about this article: Read More
Source: www.telegraph.co.uk
This notice was published: 2022-04-26 07:38:48
