Food price inflation eases slightly while Coronation sales rise by £218million
Price inflation for Rocry has fallen for the second straight month – but the latest figures still add £833 to the average consumer’s annual bill.
According to Kantar, in the four weeks ended May 14, prices were 17.2% higher than a year ago, compared to 17.3% in April.
On the milk shelf, the average cost of four pints of milk has fallen by 8p since last month but at £1.60 is still 30p higher than at this time last year.
Fraser McKevitt, Head of Retail and Consumer Insight at Kantar, said: “The decline in grocery price inflation, down 0.1 percentage point from the previous month, is undoubtedly good news for shoppers, but it’s still incredibly high – 17, 2% is the third fastest food inflation we’ve seen since 2008.
“This could add an extra £833 to the average household’s annual grocery bill if consumers don’t shop differently.”
Shoppers dodging the higher prices led to a 15.2% increase in supermarket own-brand sales this month, almost double the 8.3% increase in branded goods.
Despite price pressure, consumers spent an extra £218million on groceries in the week of Coronation, with sales of wine and quiche soaring.
Sparkling and still wine sales rose 129% and 33%, respectively, driven by demand rather than price increases as wine inflation is at 1%.
Mr McKevitt said: “Many people seem to have gotten into the spirit of the royal occasion and jumped at the chance to try the official Coronation Quiche recipe.
“Sales of ingredients such as chilled pastries increased by 89%, while sales of fresh cream increased by 80% and frozen broad beans by 57%.
“We’ll have to wait and see if it becomes as popular as its 1953 counterpart Coronation Chicken and cements its place on the UK picnic and garden party menu.”
Waitrose in particular benefited from the coronation, with sales up 4.8%, the retailer’s highest growth rate since April 2021.
Aldi was the fastest-growing grocer this month, with sales up 24%, while Lidl’s sales jumped 23.2%.
https://www.standard.co.uk/business/business-news/grocery-price-inflation-inches-down-amid-ps218-million-coronation-sales-spike-b1082986.html Food price inflation eases slightly while Coronation sales rise by £218million