UK households are losing out…
The average UK household has managed to lose a total of £21.31 to higher supermarket prices this year, this is due to the fact that inflation is rising and the weaker pound is making items more expensive.
New industry figures from Kantar Worldpanel have shown that the price of everyday goods has risen by 2.3 per cent compared to this time last year.
The Bank of England is expecting inflation to rise to around 2.8 per cent by the end of the year. Some analysts are predicting that it could even reach the three per cent mark.
The weakness in the pound following the Brexit vote has led to higher costs for producers, distributors and supermarkets.
These increases are then being passed onto the consumer through higher prices or the reduction in size of some products.