Poorest hit by low priced food hikes

The least wealthy members of society are being forced to pay more for low price food items with many supermarkets hiking up the cost of value range products.

Supermarkets are increasing the price of basic items while reducing more expensive items, according to an analysis by price intelligence company Skuuudle.

In the biggest study of its kind Skuuudle tracked the cost of almost 19,000 items in UK supermarkets on a daily basis from July to December and found that items originally below 75p accelerated at the fastest rate.

These items include many supermarket value range products including biscuits, chocolate, snacks, oils, rice, pasta, cans and packets of food.

Yet items priced above £5 in July have actually fallen in price, possibly as a result of reduced demand for high cost items.

Hi Shruti,
New data reveals that supermarkets are raising the price of value range food cupboard items at the fastest rate impacting the poorest in society the most.

 

Furthermore, the data shows that the more expensive food items have actually decreased in price over the same period.

 

Full release below.

 

 

Poorest hit by low priced food hikes

 

The least wealthy members of society are being forced to pay more for low price food items with many supermarkets hiking up the cost of value range products.

 

Supermarkets are increasing the price of basic items while reducing more expensive items, according to an analysis by price intelligence company Skuuudle.

 

In the biggest study of its kind Skuuudle tracked the cost of almost 19,000 items in UK supermarkets on a daily basis from July to December and found that items originally below 75p accelerated at the fastest rate.

 

These items include many supermarket value range products including biscuits, chocolate, snacks, oils, rice, pasta, cans and packets of food.

 

Yet items priced above £5 in July have actually fallen in price, possibly as a result of reduced demand for high cost items.

Food staples selling for under 75p have risen by 16% while items selling for over five pounds have decreased in price up to nearly four percent according to the data.

Experts from Skuuudle tracked the price of 18,790 supermarket food products from sauces to cereals.

The figures show a direct correlation between original cost and rate of increase with cheaper  items increasing in price at a higher rate than more expensive alternatives.

Items priced between 75p and £1.50 back in July increased by eight percent while items priced from £1.50 to £5 went up by almost four percent.

Skuuudle generates market-leading data analytics to help retailers understand the markets they are operating in, to continue to provide optimum prices for consumers – in the face of rising inflation.