Grocery price inflation has dropped to its lowest level since 2022 and now sits at 16.5% for the four weeks to 11 June 2023, new data reveals.
Data from Kantar shows British take-home grocery sales rose by 10.8% over the month in comparison with the same period last year.
Fraser McKevitt, Head of Retail and Consumer Insight, Worldpanel Division, UK, said: “This is the lowest rate of grocery price inflation we’ve seen in 2023, which will be a relief to shoppers and retailers. But prices rising at 16.5% isn’t something to celebrate and it’s still the sixth-highest monthly figure in the past 15 years.
“Price rises are now being compared to the increasing rate of grocery inflation seen last summer, which means that it should continue to fall in the coming months, a welcome result for everyone.”
Kantar’s data shows spending on value ranges has rocketed by 41% compared to last year and that consumers are turning away from their oven and increasingly using microwaves. There were 4% fewer meals made using an oven according to our most recent 12-week data compared to the same period last year, while microwaved meals rose by 8%.
The data also reveals that the proportion of products sold for £1 – the single most popular price for a grocery item – has almost halved in a year from 9% to 5%, while £1.25 has emerged as an increasingly important price point. It now vies with £2 as the second most popular price for a grocery item.
Kantar’s figures also show that volume sales of ice cream and mineral water were up by 25% and 8%, respectively, last month.
