Shoppers could face £271 rise in annual food bills

Image source, Getty Images

Research shows that the average food bill could go up by over $300 this year.

The biggest increase in grocery prices in over a year was in April.

Shoppers were turning to discount retailers as pressures on budgets grow.

Supply chain issues, the Ukraine war and rising raw material costs are all contributing to soaring food prices.

The average household will now be exposed to a potential extra 271 dollars per year.

A lot of this is going on non-discretionary, everyday essentials which will prove difficult to cut back on as budgets are squeezed. As shoppers watch their pennies, we are seeing a clear flight to value.

Over the 12 weeks to 17 April, the data shows that Aldi was the fastest growing retailer, with its sales increasing by 4.2%.

This was followed by a 4% increase by Lidl.

More than one million shoppers visited the two retailers over the period, with both achieving record-breaking market shares.

The only other retailer to increase its market share was Tesco.

The market is now dominated by Sainsbury's at 15%, followed by Asda at 14.1% and Morrisons at 9.5%. The figure is 8.8% for Aldi and 6.6% for Lidl.

The cost of living is hitting household budgets and supermarkets are fighting for customers.

Morrisons and Asda said they were cutting prices on hundreds of products.

UK prices are rising at their fastest rate in 30 years, with increased energy, fuel and food costs all contributing.

Food prices were rising fastest in markets such as dog food and fresh lamb, but spirits were falling.

There was evidence that some customers were stocking up on certain products due to the war in Ukraine.

The majority of the UK's sunflower oil comes from Ukraine and there have been some shortages and increased demand for alternatives.

The market for cooking oil grew in April by 18%, with vegetable oil growing 40% and sunflower oil growing 27%.

Image source, Bryan Roberts

supermarket sales are falling for the first time since the beginning of the Pandemic, according to a report.

The start of the first national lock down in the UK was when essential shops were not allowed to open.

The easing of Covid restrictions may have had an impact, as many people return to the office, as well as restaurants and pubs.

In the 12 weeks to 17 April, supermarket sales fell by 5.9%, while over the last four weeks they fell by 4.1%.

Online grocery sales were down by more than 15%.

It is expected that sales are down compared to last year.

While the number of trips we're making to the supermarket has remained steady this year, people aren't buying as much when in store and the average basket size has dropped.