Home Business News Food prices rise by 1.7% in just one month as households face soaring energy costs

Food prices rise by 1.7% in just one month as households face soaring energy costs

by LLB staff reporter
12th Oct 21 11:08 am

Market researcher Kantar said in the four weeks to 3 October food prices have risen by 1.7% and now the average household spends an extra £5.94 on groceries.

There was further inflation pain for consumers as the supply chain crisis has filtered to the supermarkets.

Fraser McKevitt, head of retail and consumer insight at Kantar said, “In real-world terms, the average household had to spend an extra £5.94 on groceries last month than they did at the same time last year.

“The typical household spends £4,726 per year in the supermarkets, so any future price rises will quickly add up.

“Shoppers will look to manage their spend by carefully selecting the products and retailers that offer them the best value.”

Raheel Ahmed, head of consumer products at Barclaycard said, “Consumers are… starting to feel the impact of rising prices on their personal finances, which is also hampering confidence levels.

“While this is causing some Brits to seek out value in their purchases, as the festive season approaches, we expect spending to gradually gather pace as shoppers start buying gifts and preparing for gatherings with loved ones.”

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