Grocery price inflation has fallen for the second month in a row and now sits at 17.2% for the four weeks to 14 May 2023, according to Kantar’s latest data.
The data shows 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, said: “The drop in grocery price inflation, which is down by 0.1 percentage points on last month’s figure, is without doubt welcome news for shoppers but it is still incredibly high – 17.2% is the third fastest rate of grocery 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 in different ways.
“Of course, shoppers are savvy and they’re skirting higher prices by choosing more own-label goods. These lines grew by 15.2% this month, almost double that of branded products which rose by 8.3%. However, the gap between own lines and brands is narrowing in most stores, helped in some cases by loyalty discounts.”
Despite price pressures, the data shows people took the opportunity to make the most of the additional bank holiday this month with celebrations for the coronation. Grocery sales soared by 16% during the week of the coronation, adding up to an extra £218m passing through the tills.
The data reveals that sales sparkling and still wine rose by 129% and 33%, respectively, driven by demand not price rises with wine inflation only at 1%.
Meanwhile, the official Coronation Quiche proved to be a big hit, with sales of ingredients like chilled pastry surging by 89%, while fresh cream sales jumped by 80% and frozen broad beans by 57%.
