Four-week grocery price inflation hit a record 16.7% in the four weeks to 22 January 2023, according to the latest figures from Kantar.
The data reveals overall take-home grocery sales rose by 5.7% during the four-week period and by 7.6% over the 12 weeks.
Kantar’s figures reveal households will now face an extra £788 on their annual shopping bills if they don’t change their behaviour to cut costs.
As a result, the own-label lines grew by 9.3%, well ahead of branded alternatives, which were up by just 1.0%.
Fraser McKevitt, Head of Retail and Consumer Insight at Worldpanel Division, UK, said: “Across the market the move is towards everyday low pricing, with many supermarkets offering price matching and using their loyalty schemes to help shoppers save. As a result of this push, the proportion of spending on promotions has fallen to its lowest level since at least 2008 this month, exaggerating the usual post-Christmas drop-off in deals.
Despite price rises, many consumers embraced the usual focus on health and fitness that January brings, with no and low alcohol beer volumes up 3% on last year’s levels.
In addition, sales of supermarket own-label ranges labelled as plant-based or vegan rose by 21%. Growth was largely driven by existing shoppers of the category rather than new converts, with 3.4 million consumers making a purchase this January which is slightly down on last year.
