Food sales increased 9.6% on a total basis and 9.8% on a like-for-like basis over the three months to May, new research reveals.
The BRC-KPMG Retail Sales Monitor shows UK total retail sales increased by 3.9% in May, against a decline of 1.1% in May 2022. This is below the three-month average growth of 4.7% and above the 12-month average growth of 3.4%.
In addition, like-for-like retail sales increased by 3.7% in May, against a decline of 1.5% in May 2022. This was below the three-month average growth of 4.6% and above the 12-month average growth of 3.1%.
Susan Barratt, Chief Executive at IGD, said: “May’s food and drink sales again saw strong value growth, with double-digit inflation driving sales consistently over the four-week period. Volume sales were marginally negative, even with a brief uptick from the events surrounding the Coronation of King Charles.
“Despite food price inflation reaching its highest level for 45 years in the first quarter of 2023, shoppers overall seem slightly less fearful about how high prices will go. Although three-quarters expect food prices to get more expensive in the year ahead, this is actually the lowest level since July 2021, and IGD’s Shopper Confidence Index continued to improve in May to reach its highest level in more than two years.”
