Grocery price inflation has dropped to its lowest level in over a year at 12.2% for the four weeks to 3 September 2023, new data reveals.
Take-home sales from grocers rose by 7.4% compared with the same period in 2022, a slight increase on the 6.5% growth reported last month.
Fraser McKevitt, Head of Retail and Consumer Insight, Worldpanel Division, UK, said: “Grocery price inflation is down for the sixth month in a row but 12.2% won’t be a number to celebrate for many households. Our data shows that 95% of consumers are still worried about the impact of rising grocery prices, matched only by their concern about energy bills.
“After a full year of double-digit grocery inflation, it’s no surprise that just under a quarter of the population consider themselves to be struggling financially – although this is a very slight drop compared to May.”
In addition, Kantar’s shows that own-label sales grew again by 9.9% in the latest month and supermarket lines now make up over half of everything shoppers buy, up from 48% in August 2013. This is equivalent to a £3bn shift in sales away from brands.
Meanwhile, the discounter model of offering everyday low value and fewer promotions has also caught on in the wider market, with only 26% of spending now on deals compared with 38% ten years ago, the data reveals.
