A measure of UK grocery price inflation soared to a record high this month. Grocery prices rose 17.1% in the four weeks to February 19, compared with the same period a year ago. That’s the highest rate of inflation since the data company started tracking it in 2008, and is equivalent to adding an extra £811 to a household’s average yearly grocery bill.
According to Fraser McKevitt, the head of the retail and consumer data unit at Kantar, price increases were “having a big impact on people’s lives.” A quarter of UK shoppers said they were struggling financially, according to a Kantar survey in January, up from a fifth during the same period in 2022.
According to edition.cnn.com, the inflation figures come just days after a national shortage of some fruits and vegetables prompted five of the six biggest supermarkets in the United Kingdom to impose limits on purchases. Last week, Tesco (TSCDF), the country’s largest grocery retailer, said it would temporarily restrict customers to three packs of tomatoes, cucumbers and peppers each, among other staple products.
Retail CEOs "irritated" by government messaging
Retail bosses were angered by the messaging the government put out ahead of a meeting between food minister Mark Spencer and supermarket CEOs. Invitations sent out by Defra even went to the wrong people, including the former CEO of M&S, Steve Rowe.
This, coupled with headlines that made it seem as if the retailers were being "hauled in front" of the minister, caused expectations of what could be achieved to be low. Sources say that most in attendance were "not director level" and "little came from the meeting".
Source: fpcfreshtalkdaily.co.uk