Latest news with #FraserMcKevitt
Powys County Times
7 days ago
- Business
- Powys County Times
Grocery inflation soars to 18-month high as pressure grows on UK shoppers
UK grocery prices have increased at their fastest pace for 18 months amid growing concern from shoppers about the rising cost of living, according to new figures. Grocery price inflation accelerated to 5.2% in the four weeks to July 13, according to market research firm Worldpanel by Numerator, which was recently renamed from Kantar. It represented a rise from inflation of 4.7% a month earlier and marked the highest level since January 2024. The data indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending. Fraser McKevitt, head of retail and consumer insight at Worldpanel, said: 'Just under two thirds of households say they are very concerned about the cost of their grocery shopping, and people are adapting their habits to avoid the full impact of price rises. 'Own label products, which are often cheaper, continue to be some of the big winners and, in fact, sales of these ranges are again outpacing brands, growing by 5.6% versus 4.9%.' He added that shopping data also showed that consumers have been cooking simpler meals in recent months as part of efforts to stick to budgets. The price increases come amid a backdrop of commodity price pressures and higher costs for retailers, after recent increases in National Insurance contributions and the national minimum wage. Worldpanel data also showed that overall consumer spending across UK grocers rose by 4.6% over the 12 weeks to July 13. Online retail specialist Ocado saw the fastest rise in sales over the period, with 11.7%. It was closely followed by German discount chain Lidl, which saw sales rise 11.1%, to take its share of the UK grocery market to 8.3%, moving it close to the size of rival Morrisons. Elsewhere, the UK's largest supermarket chain Tesco increased its share of the market further after growing sales by 7.1%.
North Wales Chronicle
7 days ago
- Business
- North Wales Chronicle
Grocery inflation soars to 18-month high as pressure grows on UK shoppers
Grocery price inflation accelerated to 5.2% in the four weeks to July 13, according to market research firm Worldpanel by Numerator, which was recently renamed from Kantar. It represented a rise from inflation of 4.7% a month earlier and marked the highest level since January 2024. The data indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending. Fraser McKevitt, head of retail and consumer insight at Worldpanel, said: 'Just under two thirds of households say they are very concerned about the cost of their grocery shopping, and people are adapting their habits to avoid the full impact of price rises. 'Own label products, which are often cheaper, continue to be some of the big winners and, in fact, sales of these ranges are again outpacing brands, growing by 5.6% versus 4.9%.' He added that shopping data also showed that consumers have been cooking simpler meals in recent months as part of efforts to stick to budgets. The price increases come amid a backdrop of commodity price pressures and higher costs for retailers, after recent increases in National Insurance contributions and the national minimum wage. Worldpanel data also showed that overall consumer spending across UK grocers rose by 4.6% over the 12 weeks to July 13. Online retail specialist Ocado saw the fastest rise in sales over the period, with 11.7%. It was closely followed by German discount chain Lidl, which saw sales rise 11.1%, to take its share of the UK grocery market to 8.3%, moving it close to the size of rival Morrisons. Elsewhere, the UK's largest supermarket chain Tesco increased its share of the market further after growing sales by 7.1%. Asda and the Co-op were among the weaker performers, with sales declines of 3% and 3.7% respectively over the quarter.
BBC News
7 days ago
- Business
- BBC News
Food bills on course to rise by £275 as prices jump
The average household spend on food and drink is on course to rise by £275 this year as the price of groceries gathers pace. Over the past month, food prices have risen by 5.4% at the same time as consumers' concerns about the cost of shopping has accelerated, according to market research firm said people are changing their shopping habits to buying supermarkets' own-brand products, which are sometimes cheaper, as well as preparing simpler and lower cost meals at home. The increase in prices over the last four weeks is the highest since the beginning of 2024. On average, UK households spend around £5,283 for a year on groceries but this could increase by £275 unless people change what they McKevitt, head of retail and consumer insight at Worldpanel, formerly known as Kantar, said current food inflation brought to mind the sort of prices people were paying in supermarkets after Russia's full-scale invasion of Ukraine in early cost of energy and commodities soared before easing in 2023. But Mr McKevitt said: "We're back up on that rollercoaster."Chocolate, butter and spreads as well as fresh meat recorded the sharpest rises in the four weeks to 17 July, according to the company, which monitors prices on 75,000 identical the same time, the cost of dog food, sugar confectionery and laundry dropped. Mr McKevitt said most people have options when it comes to managing food costs such as buying more own-brands goods from supermarkets, looking for promotions or going to cheaper shops. But Worldpanel said that around a fifth of households in the UK are "struggling" with grocery bills, with some of those in a situation where they can not cut food costs any research firm, which follows the shopping habits of 30,000 households across the UK, said people are making simpler evening meals when trying to save money."Almost seven in 10 dinner plates include fewer than six components," said Worldpanel.
Leader Live
7 days ago
- Business
- Leader Live
Grocery inflation soars to 18-month high as pressure grows on UK shoppers
Grocery price inflation accelerated to 5.2% in the four weeks to July 13, according to market research firm Worldpanel by Numerator, which was recently renamed from Kantar. It represented a rise from inflation of 4.7% a month earlier and marked the highest level since January 2024. The data indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending. Fraser McKevitt, head of retail and consumer insight at Worldpanel, said: 'Just under two thirds of households say they are very concerned about the cost of their grocery shopping, and people are adapting their habits to avoid the full impact of price rises. 'Own label products, which are often cheaper, continue to be some of the big winners and, in fact, sales of these ranges are again outpacing brands, growing by 5.6% versus 4.9%.' He added that shopping data also showed that consumers have been cooking simpler meals in recent months as part of efforts to stick to budgets. The price increases come amid a backdrop of commodity price pressures and higher costs for retailers, after recent increases in National Insurance contributions and the national minimum wage. Worldpanel data also showed that overall consumer spending across UK grocers rose by 4.6% over the 12 weeks to July 13. Online retail specialist Ocado saw the fastest rise in sales over the period, with 11.7%. It was closely followed by German discount chain Lidl, which saw sales rise 11.1%, to take its share of the UK grocery market to 8.3%, moving it close to the size of rival Morrisons. Elsewhere, the UK's largest supermarket chain Tesco increased its share of the market further after growing sales by 7.1%. Asda and the Co-op were among the weaker performers, with sales declines of 3% and 3.7% respectively over the quarter.
Telegraph
7 days ago
- Business
- Telegraph
Lidl wins record market share as supermarket prices surge
Lidl has recorded its largest share of Britain's grocery market since its UK debut 30 years ago, as surging inflation drives up supermarket bills. The German discounter reached a record market share of 8.3pc in the four weeks to July 13, gaining 0.5 percentage points as an extra 500,000 customers flocked to its stores. It is the highest share for Lidl since arriving in the UK in 1994. It came amid a fresh acceleration in grocery price inflation as prices rose 5.2pc, the highest level in 18 months, according to new data from Worldpanel. That mirrors broader inflation figures showed that UK prices in June rose by more than expected to the highest since January 2024. This latest increase will pile further pressure on shoppers' budgets and could lead to a £275 annual rise in grocery bills, Worldpanel said. Fraser McKevitt, of Worldpanel, said: 'Just under two thirds of households say they are very concerned about the cost of their grocery shopping, and people are adapting their habits to avoid the full impact of price rises.' In addition to seeking out discount stores like Lidl, the data showed shoppers are turning to cheaper own-label products. Sales of these ranges outpaced brands, growing by 5.6pc compared to 4.9pc. Mr McKevitt added: 'Innovation is absolutely vital to help grocers keep up with new trends and make sure they're meeting shoppers' needs as behaviours and priorities shift.' Retailers have blamed recent price rises on the Government after Rachel Reeves hit companies with higher National Insurance contributions while also raising the minimum wage. Tim Steiner, the chief executive of Ocado, last week said it would be 'unrealistic' not to expect higher costs from the Budget leading to food price rises. Supermarkets benefited from the recent heatwave, with sales of iced coffee surging by more than 80pc. Sales of summer favourites like ice cream and sorbet also jumped by a third. Despite the strain on budgets, the figures showed shoppers were in a celebratory mood over the last month, spending 9pc more on champagne and sparkling wines compared to last year. Wimbledon also provided a boost to strawberries and cream, with sales up 28pc and 16pc respectively. Ocado was the fastest growing British grocer, with sales rising 11.7pc, as the popularity of online shopping shows no sign of waning. Tesco cemented its status as the largest supermarket chain, boosting its share to 28.3pc as sales grew at their fastest pace since December 2023.
