A recent report found that shopping prices jumped by a record 16.7 percent compared to the year before. This represents the largest hike in grocery costs since 2008 during the last recession, according to Kantar. Food prices have already risen by 2.3 percentage points in just four weeks with inflation continuing to increase costs to extortionate levels.
As it stands, the average grocery bill in the UK is now expected to go up by an extra £788 during 2023.
If this were to happen, households would be paying a total amount to £5,504 a year towards their food shop.
Further research has been carried out by HyperJar, the money management app, into the impact of grocery inflation.
A report by the service has found that 42 percent of its customers are planning to spend less on groceries and energy due to the cost of living crisis.
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On top of this, around two-thirds are moving into buying more from supermarkets’ own-brand value ranges to manage soaring sales prices.
Recent data has revealed that sales of these particular products have grown by 9.3 percent in January.
As well as this, consumers have turned to other options to deal with the rising cost of living and the hike in grocery plans.
Hyperjar reports that last year the number of grocery “planning ahead” saving jars doubled from 6,000 to 12,000.
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Furthermore, the amount of people sharing in grocery jars has tripled which suggests that more individuals are coming together to address the cost of living situation.
HyperJar also learned through their customers that the frequency of grocery transactions increased from 7.6 per month at the start of January 2022 to 12.7 in October of the same year.
Some 32 percent of consumers admitted to using voucher codes to get by the cost of living crisis.
HyperJar founder Mat Megens outlined why shopping for grocery items has become more expensive in the last year.
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“Food shopping is one of the biggest everyday expenses for most of us and it’s taking increasingly large chunks out of our household budgets.”
Inflation, as well as rising energy bills, have been the main contributors towards the country’s ongoing cost of living problems.
As of December 2022, the rate of Consumer Price Index (CPI) inflation is sitting at 10.5 percent.
The Office for National Statistics (ONS) will announce the figures for January 2023 on February 15.
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