Cost of supermarket shop up £1,404
The cost of food has increased by nearly 30% in the past 12 months with households spending an extra £1,404 a year on their groceries.
Figures from mySupermarket.co.uk show that the cost of staple food items has increased by an average of 27% since last year.
Johnny Stern, director of mySupermarket.co.uk, an independent supermarket comparison site, says August saw the biggest annual jump in food prices since April.
He adds: “This indicates that shoppers need to keep an even closer eye on what they’re spending. Shopping habits are changing – consumers are more cash-conscious and consequently, despite the overall price increases, there are a wide range of offers available in each store.
“This means that discerning shoppers can beat these rises and be smart about the way in which they shop.”
The items to see the biggest increases in cost are dairy and wheat-based products, such as butter and bread. However, the price of fruit and vegetables is also rising quickly.
The data shows the three big supermarkets – Tesco, ASDA and Sainsbury’s – have put up prices by an average of 27% in the past 12 months, with ASDA customers paying out 28.8% more.
Sliced white bread is 50% more expensive at Tesco than it was last year while English salted butter is 67.9% dearer.
However, tomatoes are the same price across the three stores, while readymade Bolognese sauce and granulated sugar have decreased in cost.
Rising food prices are one of the biggest factors pushing up the Consumer Price Index - the official measure of inflation.
An increase in the general level of prices that persists over a period of time. The inflation rate is a measure of the average change over a period, usually 12 months. If inflation is up 4%, this means the price of products and services is 4% higher than a year earlier, requiring we spend and extra 4% to buy the same things we bought 12 months ago and that any savings and investments must generate 4% (after any taxes) to keep pace with inflation. Since 2003, the Bank of England has used the consumer prices index (CPI) as its official measure of inflation (see also retail prices index).